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
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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
Conquer Competition: Master Perfect, Monopolistic, Oligopoly, and Monopoly Markets
Competition is the lifeblood of any market. It drives innovation, efficiency, and, ultimately, consumer satisfaction. From the theoretical construct of perfect competition to the complex dynamics of oligopolies, understanding competition is essential
Psychographic Segmentation: Meaning, Why it Matters, Variables
What's it: Psychographic segmentation divides the population in a market into segments based on psychographic variables such as values, personality, goals, interests, and lifestyle. Compared with the other two market segmentation, demographic
Product Orientation: Meaning, Characteristics, Pros, and Cons
What's it: Product orientation is a marketing management philosophy by promoting quality products to generate sales. The company assumes product quality as a determinant of demand in the market. They pay less attention to customer needs and
Asset-led Marketing: Definition and How It Works
What's it: Asset-led marketing is a marketing philosophy in which a company should base its marketing strategy on its core competencies, not purely on what customers want. The company leverages its core competencies to innovate, drive
Marketing Research: Objectives, Types, Steps, Methods
What's it: Marketing research is the efforts of systematically collecting and analyzing markets to support more effective marketing decision making. The stages usually include setting objectives, designing research and methods, collecting data,