Products should be made as per the choices of the company or as per the choices of customers. What do you think about which choices (company or customers) should be prioritized while making products? Let’s find out what the marketing concept of marketing philosophies has to say about this. What is a Marketing Concept? The … Read more
Since the era of modern-day arrival, companies have been forced to apply different management and marketing practices to beat the competition and earn profits. Do you think sticking to one marketing concept/philosophy gives better results? Due to competition choosing the right marketing concepts or philosophies has been a challenging task for marketers today. Here, I … Read more
What is a Product? A product is any item that can be offered to people and has the ability to satisfy consumers’ needs and wants. It can be in tangible form as well as intangible form. Simply, a product means what we use or consume to satisfy our needs and wants. That can be food, … Read more
Most businesses make mistakes when they try to sell products directly to customers i.e. they do not try to understand what the customers need, what they want, and what their preferences are. Today successful businesses are based on customer-focused marketing strategies. And, a business that does not consider the customer’s account would not sustain itself … Read more
What is product Positioning? Product positioning is a marketing strategy companies use to create a unique image of their product in the mind of their target customers. Companies can create the position of their product in the consumer’s mind or marketplace in terms of product quality, price, status, durability, and other unique features. It aims … Read more
What is Market Targeting? Market targeting is the process of selecting the best market segment from the available segments. The best market segment includes one that has greater opportunities and that matches your firm’s objectives and resources. Market targeting includes first segmenting the large market into different sub-markets, evaluating each of the market segments, and … Read more
Pros and Cons of Market Segmentation Market segmentation includes dividing a market into different consumer groups based on the unique characteristics each group shares. The following are some pros and cons of market segmentation it can offer to your business. Pros of Market Segmentation The following are the main advantages of market segmentation. Helps To … Read more