Marketing plays an essential role in a business. Without this department, businesses cannot sell products. In fact, the company's products do not sell because they are not by consumer needs. The marketing department also plays a strategic role in
Marketing
Why is adding value important for a business?
Adding value is important for businesses because, with it, they can make a profit. Then, when it is better than their competitors and maintains it over time, they can make more profit.Businesses satisfy the needs and wants of consumers
What Are Asset-Led Marketing Advantages and Disadvantages
Asset-led marketing has both advantages and disadvantages. Although more focus on internal strengths to satisfy consumer's needs and wants is relatively inexpensive, core competencies are not always relevant to market demands. The market
How to Calculate Market Growth Rate
The market growth rate shows us the percentage change in market size. It can be positive or negative and varies over time due to several factors such as changes in consumer income and consumer tastes and preferences.Positive growth is more
Product Marketing Strategy To Achieve Competitive Advantage
Some companies develop a product marketing strategy by differentiating their offerings. While others focus on cost and offer standard products. Both can be successful in gaining a competitive advantage. How did they develop it? What should they focus
2 Types of Products: Goods and Services. What’s the difference?
The two types of products are goods and services. We may use the two interchangeably. But, in business, marketers differentiate between the two.Goods represent tangible products such as clothing, laptops, smartphones, bicycles, cars, food, and
Primary Research: Methods, Advantages, and Disadvantages
What's it: Primary research is a type of research where the researcher directly takes data from the original source. In other words, researchers are the first to collect data.Data may be qualitative or quantitative information. Qualitative
Secondary Research: Meaning, Sources, Advantages, Disadvantages
What's it: Secondary research, or desk research, is a type of research using external data sources, not original data sources. In other words, you are not first hand and therefore have no control over the accuracy of the data. For example, you
Unique Selling Proposition: Importance, How it Works and Examples
What's it: A unique selling proposition shows you a set of product benefits and solutions to satisfy customer needs and differentiate it from competitors' products. That is the main reason consumers buy a product, even though the price may be
7Ps Marketing Mix: Importance and Components
What's it: 7Ps is an extended marketing mix by considering the specific characteristics of services. The 7Ps marketing mix consists of:Product PricePlace PromotionPhysical evidencePeopleProcess 7Ps components7Ps are
Sales Forecasting: Meaning, Importance and Methods
What's it: Sales forecasting attempts to predict future sales for a specific period and with certain basic assumptions. It may be a sales value or sales volume. In contrast to sales volume, you need to assume price and volume to predict the
Customer Relationship Management: Meaning, Importance, Types
What's it: Customer relationship management (CRM) refers to the process of dealing with customers and usually includes developing, enhancing, and maintaining effective customer relationships. The company manages information and builds databases
Product Positioning: Meaning, Why It Matters, Type and Strategy
What's it: Product positioning is about placing the product in consumers' eyes and among other products on the market. It is essential to influence customer perceptions of the value of a product.For example, Apple positions the iPhone as a
Mass Market: Characteristics, Examples, Advantages, Disadvantages
What's it: A mass market is a large market with little or no difference in tastes and needs between consumers, at least in companies' eyes. The company targets many end consumers and assumes they need the same product and marketing mix.
Marketing Planning: Meaning, Importance, Steps, and Components
What's it: Marketing planning is the process of defining marketing goals and developing a clear and comprehensive set of programs to achieve those goals. The written document of plans we call a marketing plan.The marketing plan must be
Market Leadership: Meaning, Characteristics, Strategies, Advantages
What's it: Market leadership is the ability or action to influence or direct the market. The companies that can do this we call the market leaders, which have the highest market share, and often far ahead of the second-largest players. Companies
Abstract: Meaning, Content, and Why it Matters
What's it: An abstract summarizes the core arguments or main points of an article, thesis, or a longer work such as a book. This section aims to allow the reader to get a quick overview of the work's argument base and content before exploring it
First-Mover Disadvantages: Meaning, Causes
What's it: First-mover disadvantages refer to the unfavorable circumstances or conditions when the firm is first in the market. The first movers were the companies that introduced the product to the market first. Being the first on the market is
Semi-finished Goods: Meaning, Examples, Calculation in GDP
What's it: Semi-finished goods are processed raw materials not for final consumption but as input for other goods' production. We also call them intermediate goods. We also call them intermediate goods. An example is aluminum alloy for making
Ease of Entry: Meaning, Impacts, Determinants
What's it: Easy of entry refers to the level of difficulty a company has to enter into an industry or market. It is important because it affects the intensity of competition and profitability in the market. When new entrants enter, they bring in
Economic Forecast: Meaning, Why it Matters, Methods
What's it: An economic forecast is a prediction of future economic conditions. This is usually for key economic variables such as economic growth, inflation, interest rates, exchange rates.Why are economic forecasts important?First,