Found 99 Articles for Sales & Marketing

What is Consumer Behavior?According to Business Dictionary, “Consumer buying behavior is the process by which individuals search for, select, purchase, use, and dispose of goods and services, in satisfaction of their needs and wants”. The following definition is also used in numerous research journals. “Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.”Consumer behavior refers to the process that customers go through while making a purchase, and ... Read More

Market Segmentation − DefinitionMarket segmentation is a business practice that brands use to segregate their target market into smaller and more manageable groups based on common grounds to optimize their marketing, advertising, and sales efforts. Simply put, customers of each market segment have similar characteristics that businesses can leverage to advance their efforts.Market segmentation can help businesses to target the people who can become satisfied customers of the business or enthusiastic consumers of the product or service. To segment a market, it must be split up into groups that have similar characteristics. Splitting up an audience in this way allows ... Read More

Market Targeting − DefinitionA corporation cannot focus on all market segments at the same time. Only a few segments can be satisfied by the company.The act of picking the target audience from the total market is known as market targeting. The target market is made up of a group or groups of purchasers who the company intends to serve or for whom the product is developed, with a price established, promotion efforts performed, and a distribution system in place.For example, consider a sandwich shop in a suburban town that is near to a petrol station. Because of its proximity to ... Read More

What is Microenvironment?Microenvironment refers to the environment comprising of all the elements of an organization’s immediate environment which influences the performance of the company, as they have a direct bearing on the firm’s regular business operations.The microenvironment is popularly referred to as task environment or operating environment.Important Elements of MicroenvironmentLet us take a quick look at some important elements of microenvironment.Customers and ConsumersCustomers are those people who buy or avail an organization’s products/services. In simple words, an organization cannot survive without customers. A consumer, on the other hand, is the end user of the product/service.For example, a father might purchase ... Read More

The world at large forms the external environment for businesses. A company must confront, adapt to, take advantage of, and defend itself against what is happening in the world around it to succeed. To make gathering and interpreting information about the external environment easier, strategic analysts have defined several general categories of activities and groups that managers should examine and understand. A company’s macro environment contains elements that can impact the company but are generally beyond its direct control. These elements are characteristics of the world at large and are factors that all businesses must contend with, regardless of the ... Read More

What are Marketing Management Philosophies?Marketing is the process of selling and buying products or services with the objective to gain profit either in monetary terms or in fringe benefits. It is a part of a larger management process. Management is the structured way adopted and followed by an organization from the starting till the implementation process.All the marketing efforts are guided by certain philosophies, which determine how the marketing activities should be carried out. Such philosophies are known as the marketing management philosophies.Marketing management has five philosophies to achieve the objectives of an organization. The evolution of marketing management philosophies ... Read More

What is Strategic Marketing Planning?The act of drafting and executing a strategy to accomplish a specific marketing goal is known as strategic marketing planning. Companies may devise strategic marketing plans in order to boost revenue and profits, get increased visibility, deter competitors, or improve their image through a complete rebranding.All of the world's most successful businesses have one thing in common: VISION. Strategic planning is the process of realizing that objective. If they want to build a formidable, long-lasting company model, even the tiniest businesses must engage in some amount of strategic planning.Key Components of Strategic Marketing PlanningManagement and operations ... Read More

What is a Product in Marketing?A product is something that is made with the purpose of being sold in the marketplace. The use of products satisfies the needs of customers. All marketing operations centre around the product, which is one of the most important aspects of marketing.There are two types of products: tangible and intangible. Intangible products are referred to as services, while physical things are referred to as goods.According to Perreault, Cannon and McCarthy “A product is the need-satisfying offering of a firm.”According to Grewal and Levy “A product is anything that is of value to a consumer and ... Read More

Definition: Market PositioningMarket positioning is the process of creating a marketing mix that puts a product or service in a unique position for the target segments and turning them into potential buyers. It is a crucial part of marketing strategies as it helps in creating a distinct mental position or image of a product or a service in the mind of the customers as compared to other brands in the market. This is accomplished through formulating competitive positioning for a product and a detailed marketing mix.Products can be positioned basis their prime attributes − For example, a sunscreen lotion brand can ... Read More

The mode of entry is the path or the channel set by a company to enter into the international market.Ways to Enter Foreign MarketSome of the ways or modes of entering a foreign market are as discussed below.ExportingExporting is a cross-border sale of domestically grown or produced goods.Indirect ExportingIndirect exporting is the safest way to enter the market because there is no direct exposure to the overseas market and its hazards. The organization is just selling their goods to a foreign market agent, who then sells it to an intermediary. A number of companies use indirect export as an entry ... Read More