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
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: 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
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
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,
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,
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
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.
What's it: Perceived value is a consumer's estimate or interpretation of a product's worth. It may be subjective between individuals. You and your friends may give different values for the same product. A product's success is based
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
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
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