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Articles by Abhishek Sengupta
Page 5 of 6
What is a Marketing Environment Audit?
Kotler and Keller (2007) defined marketing audit as the “…comprehensive, systematic, analysis, evaluation, and the interpretation of the business marketing environment, both internal and external, its goals, objectives, strategies, principles to ascertain the areas of problem and opportunities and to recommend a plan of action to enhance the firm’s marketing performance.”Marketing audit is usually conducted by a third person outside of the organization and isn’t connected in any way with the founders or promoters of the organization.While carrying out a Marketing Audit, there are certain points that should be kept in mind and adhered to. They are as follows −ComprehensiveThe ...
Read MoreWhat is Competitive Marketing Positioning?
Competitive Positioning: Definition & ExampleCompetitive positioning is a marketing strategy that relates to how a company's marketing team can set itself apart from its rivals. The company's position is determined by how its goods and services compare to the value of similar goods and services on the market. To make their position more competitive, a marketing team evaluates several facets of their company's market, such as audience wants and current trends.The purpose of competitive positioning is to boost sales by increasing your company's value to customers. Finding a niche for your company's products to appeal to the special demands of ...
Read MoreEconomic Models of Consumer Behavior
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 MoreWhat is Market Segmentation?
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 MoreWhat is meant by Market Targeting?
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 MoreComponents of a Company's Macro Environment
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 MoreComponents of a Company's Microenvironment
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 MoreKey Marketing Management Philosophies
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 MoreKey Components of Strategic Marketing Planning
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 MoreProduct Classification: Definition, Types, and Significance
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 ...
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