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
Marketing Plan
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
Economic Forecast: Meaning, Why it Matters, Methods
What's it: An economic forecast is a prediction of future economic conditions. This is usually for key economic variables such as economic growth, inflation, interest rates, exchange rates.Why are economic forecasts important?First,
Market Segment: Meaning, Why It Matters, Criterias, Types
What's it: A market segment is parts of a market where consumers share a similar need or want. Individuals in one segment have similar characteristics, including in responding to the marketing mix. However, they are quite heterogeneous with
Market Research: Meaning, Why It Matters, Types, And Processes
What's it: Market research is an effort to collect and explore information about a market, including consumers' needs and wants. Researchers explore the size, characteristics, and potential of the market, which are essential before developing a new
Understanding the Marketing Mix: Your Essential Guide
In a competitive business, success hinges on understanding how to attract and retain customers. Marketing plays a crucial role in achieving this, and the marketing mix serves as a powerful framework for developing winning marketing strategies.