The internet has fundamentally changed the way businesses operate and consumers shop. E-commerce, or electronic commerce, has exploded in popularity, enabling businesses to sell products and services online reaching a global audience 24/7. Coupled
Marketing and Sales
What are examples of marketing objectives?
Examples of marketing objectives include increasing sales or market share. Another example is building brand loyalty to encourage customers to continue buying products. Marketing objectives allow the company to focus on the direction to be
How is the Marketing Department Structure Organized?
Marketing department structure may vary between companies. For example, a company's units might include sales, market research, promotion, and distribution. In other companies, the units may be based on geographic location, and product handled. In
The Four Major Marketing Roles: What Are They?
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
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
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
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 components 7Ps 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, Reimagined: A Guide for New Businesses
Once a dominant force in consumer economics, the mass market has undergone a significant evolution. While its core principles remain relevant, the rise of technology, globalization, and changing consumer behaviors have introduced new dynamics. This
Niche Markets: Understanding and Exploiting Your Target Audience
Niche markets, with their specialized focus and limited competition, offer businesses seeking to differentiate themselves and cater to specific customer segments a unique opportunity. A sustainable competitive advantage is essential for long-term
Demographic: Meaning, Why It Matters, Key Variables
What's it: Demographic refers to a population's characteristics both in terms of size, structure, population distribution, and change. Some of the critical demographic variables include population density, age, marital status, gender, race,
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
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,