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
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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,
Asset Acquisition Strategy: Fast Growth, More Profit (Examples, Benefits, Risks)
Asset acquisition strategy offers a powerful tool for companies seeking to accelerate growth and boost profits. This approach involves acquiring the assets and liabilities of another company or business unit rather than relying solely on internal
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
Artificial Intelligence: Revolutionizing Industries (Types, Examples, Pros, Cons)
Within the ever-evolving technological environment, Artificial intelligence (AI) refers to the ability to acquire and apply human-like knowledge and skills. This intelligence is not done by humans but by artificial machines or technology. Experts
Perceived Value: The Key to Customer Satisfaction
What's it: Perceived value is a consumer's estimate or interpretation of how much a product is worth. It may be subjective between individuals. You and your friends may give different estimates for the same product.In addition, value can
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