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 components7Ps 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,
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
Target Market: Meaning, Importance, and How to Identify
What's it: A target market is a part of the qualified available market in which the company seeks to direct its marketing efforts. The available market includes individuals who desire to buy a product and have the ability to pay. Qualified means
Differentiated Product: Meaning, Purposes, How It Works, And Benefits
What's it: Differentiated products refer to unique goods or services, made different from competitors' products and have a different perceived value from other products. These products satisfy consumers in different ways and are imperfect
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
Niche Marketing: Meaning, Advantages and Disadvantages
What's it: Niche marketing is an effort to promote and sell products to target customers in a narrower market (niche market). Companies adapt their marketing mix and marketing strategies to meet specific wants and needs in that market.The
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
Demand-Oriented Pricing: Definition and How It Works
What's it: Demand-oriented pricing is a pricing strategy in which a firm adjusts its price to fluctuations in demand. This strategy is suitable for several cyclical or seasonal products. Usually, periods fall into two categories: peak periods
How to distinguish consumer goods, semi-finished goods, and raw materials
What it is: Capital goods are man-made items that are used to produce goods or provide services. In getting their benefits, there is no need for further processing. And, they also don't form a component of the output. Examples of capital goods
Brand: Definition, Importance, Type
What's it: Brand refers to the name, logo, term, sign, symbol, or design, or a combination to identify your product. It acts as a differentiator from your competitors' products. Brand image is closely related to the level of credibility,
Marketing: Meaning, Function, Philosophy
What's it: Marketing is the activity of a company to identify, anticipate, promote, and sell its products. It aims to satisfy consumer needs profitably.As part of a business function, marketing includes creating, communicating, and delivering