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
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
Perceived Value: Definition, Determinants
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 on whether
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