What's it: Durable goods are a category of tangible products with long economic life, usually more than three years. You can use or consume them repeatedly and continuously during their economic life. During that period, you can continue to use
Marketing
Primary Research: Methods, Advantages, and Disadvantages
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. Qualitative
Secondary Research: Meaning, Sources, Advantages, Disadvantages
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 example, you
Unique Selling Proposition: Importance, How it Works and Examples
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 may be
7Ps Marketing Mix: Importance and Components
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 components 7Ps are
Sales Forecasting: Meaning, Importance and Methods
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
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: Characteristics, Examples, Advantages, Disadvantages
What's it: A mass market is a large market with little or no difference in tastes and needs between consumers, at least in companies' eyes. The company targets many end consumers and assumes they need the same product and marketing mix.
Niche Market: Meaning, Examples, Advantages, and Disadvantages
What's it: A niche market is a specific, small segment of a market with fewer competitors than the general market as a whole. It consists of a group of consumers with similar characteristics. They have unique needs and preferences, which makes
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,