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
Marketing and Sales
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,
Above-the-Line Promotion: Meaning, Types and Criteria
What's it: above-the-line promotion refers to promotion through traditional media to easily reach a broad audience. This includes newspapers, magazines, radio, and television.The main advantage of the above-the-line promotion is a wide
Demographic Segmentation: Variables, How it works and Variables
What's it: Demographic segmentation divides the population in a market into segments based on variables such as age, education, income, and occupation. Then, the company associates these variables with consumer tastes and purchasing
Geographic Segmentation: Meaning, How it Works, Pros, Cons
What's it: Geographic segmentation divides consumers into segments based on where they live. It is a market segmentation alternative to demographic segmentation and psychographic segmentation.Some items may only be suitable in tropical
Social Marketing: Meaning, Importance, Examples, Advantages
What's it: Social marketing has a social purpose rather than a profit like commercial marketing. It integrates marketing concepts to drive behavior change for the long-term benefit and well-being of society. Such an objective differs from
Market Segment: A Guide for Business Beginners
Understanding market segments is essential if you're new to the business world. A market segment is a specific group within a larger market with similar characteristics, needs, and preferences. By identifying and targeting these segments, you can