What's it: Sampling is the process of selecting a subset of the population to use for research. A population can be things or people. In this article, I am specifying this topic with market research. In market research, the
Marketing
Penetration Pricing: Purpose, Importance, Pros and Cons
What's it: Penetration pricing is a pricing strategy by which a company charges a low price initially and slowly increases it over time. This strategy's main objective is to penetrate the market, that is, to get as many customers as possible and
Promotional pricing: Meaning, Types, Advantages, and Disadvantages
What's it: Promotional pricing is a pricing tactic to attract interest and increase short-term sales. Companies, especially those in the retail industry, usually adopt it to deplete warehouse stock or increase sales during peak
Demand-Oriented Pricing: Definition and How It Works
What's it: Demand-oriented pricing is a pricing strategy in which a firm adjusts its price to fluctuations in demand. This strategy is suitable for several cyclical or seasonal products. Usually, periods fall into two categories: peak periods
Premium Pricing: How It Works, Advantages And Disadvantages
What's it: Premium pricing is a pricing strategy in which a company offers high prices for its product quality. The keywords are of high price and quality. The company charges a high price to differentiate its products from the competitors'
Destroyer Pricing: Meaning, How it works, Purposes, Pros, Cons
What's it: Destroyer pricing is a low pricing strategy to drive competitors out of the market. After being expelled, the company can act as a monopolist in the market. Other terms for this strategy are undercutting and predatory pricing. The
Competitive Pricing: Types, How It Works, Advantages, and Disadvantages
What's it: Competitive pricing is a pricing strategy in which firms use competitors or industry averages as benchmarks for pricing. They may charge higher, close, or lower prices than the average competitor. So, companies' first task is to gather and
Cash Cow in the BCG Matrix [Summarized]
What's it: A cash cow is a product or business unit with a high market share in a low-growth market. In other words, a product is in a mature market and has a dominant position, perhaps as a market leader. It is one of four quadrants in the
Question Mark in the BCG matrix [Explained]
What's it: Question mark is a product or business unit with a low market share but in a high growth market. The product has an opportunity to increase market share and dominate the market. The question mark is one of the four categories of
Dogs in the BCG Matrix: Meaning, Implications to The Company
What's is: A dog is a product or business unit with a low market share and in a low-growth market. It is one of the four categories of the BCG matrix apart from the star, cash cow, and question mark. Well, I will briefly discuss the
Growth Stage of the Product Life Cycle: Meaning, Characteristics
What's it: The growth stage is the part of the business cycle in which the company begins to enjoy high sales volume growth. Consumer awareness has also increased, reducing the risk of rejection. They try to buy a new product and, when
Introduction Stage of the Product Life Cycle: Meaning, Characteristics
What's it: The introduction stage is the initial part of the product life cycle after the development stage. At this stage, the company launches a new product on the market. Synonym for this term is one of the launch stage and the pioneer
Premium Brand: Meaning, Advantages and Disadvantages
What's it: A premium brand is a brand that is positioned to have high quality and price. The company launched it to give an impression of exclusivity, notably to differentiate it from other mass-market brands. Launching a premium brand is a
Unique Selling Point: Meaning, Why It Matters, How To Develop It
What's it: A unique selling point is something that makes a product attractive to consumers and different from competitors. It can take various dimensions of a product, such as function, features, quality, performance, design, and sale price. A
Star in BCG Matrix: Meaning and Implications for Company Strategy
What's it: A star is a product with a significant market share and is in a high-growth market. It is one of four categories in the Boston Consulting Group Matrix (BCG matrix). The other three are: Cash cow - a product with a large market
Decline Stage of The Product Life Cycle
What's it: A decline stage is the last phase of a product life cycle in which sales volume decreases. The decline may be rapid to death, or it may take a long time, depending on the type of product. At this stage, the market may consist of only
The 5 considerations when the company builds a strong brand image
A strong brand image is a representation of a company's competitive advantage. By having it, the money will continue to flow to the company. Several reasons are why I say this. The image represents the impression of a brand. A positive impression
Mature Stage of Product Life Cycle: Meaning, Characteristics, and Alternative Solutions
What's it: The mature stage is the part of the product life cycle where the sales growth rate slows down (not negative). At this stage, you will see which products are winners and which are losers. Winners get prizes, which can generate ample cash
Brand Image: Meaning, Examples, Importance and How to Build It
What's it: A brand image is a consumer's impression of a brand. A brand is an essential part of marketing success because it acts to differentiate the company's products from competitors' products through names, designs, symbols, and other
How to distinguish consumer goods, semi-finished goods, and raw materials
What it is: Capital goods are man-made items that are used to produce goods or provide services. In getting their benefits, there is no need for further processing. And, they also don't form a component of the output. Examples of capital goods
Consumer Goods: Definition, Types and Examples
What’s it: Consumer goods are goods for end-use by consumers without further commercial process. They range from durable products such as furniture and household appliances, clothing, and electronics, to non-durable products such as food and