There are several ways to deliver customer value. For example, it can be by quality, design, or other product attributes. Or, it could be through branding, superior after-sales service, and pricing. Each customer will have different
What's it: Added value is an improvement or addition to something to make it more valuable. Businesses do this by processing inputs into outputs and increasing their value. It creates value when consumers are willing to pay
What's it: A value-added product is any product we can sell at a price higher than it cost to produce it. It can have a broad meaning, like what a manufacturer does. They process raw materials into finished goods for final consumption
Adding value is important for businesses because, with it, they can make a profit. Then, when it is better than their competitors and maintains it over time, they can make more profit. Businesses satisfy the needs and wants of
This article will discuss the types of demand. What is a demand? Economists define it as the willingness and ability of consumers to buy goods at any given price. Willingness means we want things. Ability means we have the money
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
The market growth rate shows us the percentage change in market size. It can be positive or negative and varies over time due to several factors such as changes in consumer income and consumer tastes and preferences. Positive growth
Calculating added value is straightforward. The value-added formula requires only simple linear mathematical operations. We only need two data: price and cost. Well, in this article, we discussed the value-added formula at the beginning.
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
The two types of products are goods and services. We may use the two interchangeably. But, in business, marketers differentiate between the two. Goods represent tangible products such as clothing, laptops, smartphones, bicycles, cars,
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.
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
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
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
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
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