What's it: VALS stands for values, attitudes, and lifestyles, a framework for psychographic segmentation. It combines psychological and demographic characteristics to explain consumer behavior.Under the VALS framework, customers in the
Marketing and Sales
Behavioral Segmentation: Meaning, Types, Advantages, Disadvantages
What's it: Behavior segmentation divides the market into small, homogeneous groups based on consumers' habit patterns spending their time and money. Consumers in a segment should be similar in terms of their wants, resources, buying attitudes,
Advertising Research: Meaning, and Why It Matters
What's it: Advertising research is a method for assessing and evaluating the efficacy of advertising. This kind of research focuses on the performance of a particular ad or ad campaign. It is also useful for understanding how advertising works
Market Research: Meaning, Why It Matters, Types, And Processes
What's it: Market research is an effort to collect and explore information about a market, including consumers' needs and wants. Researchers explore the size, characteristics, and potential of the market, which are essential before developing a new
Revenue Management: Meaning, Goals and How it Works
What's it: Revenue management is the adoption of a data-driven approach for predicting consumer behavior to maximize revenue. Companies use sophisticated computer systems to analyze consumer behavior, forecast demand, adjust inventory, and set
Promotion in Marketing: Types, Affecting Factors
What's it: Promotion is a marketing effort to increase public awareness, stimulate people to buy, and increase sales. It may be for product, brand, or company itself.Promotion combines any communication between a business and a potential
Pricing Strategy: Types, Factors to Considering
What's it: Pricing strategy is companies' policy in setting the selling price of their products. Some firms may set prices with more consideration to the market (market-based pricing), while others consider cost-based pricing more.Pricing is
Advertising Budget: Types, Importance, Affecting Factors
What's it: An advertising budget is a money a company plans to spend on advertising over a period of time. The allocation decision considers various aspects, including the type of media, marketing budget, and production costs involved in
Market Challenger: Strategy, Good and Bad
What's it: A market challenger is a firm striving to increase its market share and replace the market leader. Usually, they are the second-largest dominant company in the market. They have sufficient resources and capabilities to aggressively
Value-Based Pricing: Meaning, How it Works, Pros and Cons
What's it: Value-based pricing is a pricing strategy in which a company considers the product's benefits to determine its price. From a company perspective, benefits are reflected in the value added to the product. Meanwhile, for consumers,
Market-Based Pricing: Types, Factors to Consider, Pros and Cons
What's it: Market-based pricing is a pricing strategy in which a company considers the market situation to set its price. In other words, the company focuses on customers (demand) and competitors.Compared with competitors, three options are
Loss Leader Pricing: Meaning, Pros and Cons
What's it: Loss leader pricing refers to a pricing strategy when a company aggressively discounts the price to stimulate sales. In fact, the company posted a loss for loss leader products when adopting this approach.Profits and overall