Some people think that Marketing is same as Selling, but actually there are significant differences between marketing and selling activities. Overall we can say that Selling is a major part of marketing like Product, Pricing, Promotion, Distribution etc. The key differences are outlined in the below table for better understanding and comparison Marketing Selling Marketing […]Continue Reading... No Comments.
After the management has developed the company’s product, priced it and established its distribution channel, they cannot just sit and wait for orders rolling in. The Market needs to be informed about it and show why and how it is a best buy and most suitable product for them, and this job is done by […]Continue Reading... No Comments.
The main characteristics of the maturity stage which help to define the appropriate marketing strategies are Sales of most product forms and brands eventually decline Decline may be due to Technical advances which lead to better substitutes Change in customer taste with time Increase in competition Lower sales volume leads to Over capacity Increases price […]Continue Reading... No Comments.
The main characteristics of the maturity stage which help to define the appropriate marketing strategies are At some point of time, growth rate slows down and the product enters the maturity stage. The stage is likely to stay longer than the previous stages Most of the products stay in the maturity phases for a very […]Continue Reading... No Comments.
The main characteristics of the Growth stage which help to define the appropriate marketing strategies are Growth stage is marked by increase in sales and high growth Early adopters like the product and early majority buys the product Late majority starts buying at the end of growth stage Higher competition leads to more innovations and […]Continue Reading... No Comments.
During the “Introduction” phase, Sales growth is slow because of Expansion in product category which is required during this phase Working out technical problems in newly launched products based on the customer complaints and feedbacks Delay in adequate distribution because of lack of distribution network at the beginning Customer accepting new product slowly Profits are […]Continue Reading... No Comments.
The product life cycle goes through multiple phases from its introduction into the market to its disappearance form the market. All the products have to go through the same phases though the duration of each phase is different for different products. A product May stay in the growth or maturity phase for a very high […]Continue Reading... No Comments.
Market positioning refers to create distinct position in the consumer’s mind through proper promotional activities. After dividing the market into different segments and finalizing the target segments to be in, companies prepares strategy or promotional activities to position its product into the consumer’s mind. The two main steps involved in market positioning are Product/Service Differentiation […]Continue Reading... No Comments.
After identifying different market segments, marketers target different market segments or the whole market irrespective of segments. Market targeting indicates the selection of appropriate market segment and is made up of two main stages Evaluation of different market segments Select different market segments for targeting Evaluation of different market segments Market segments can be evaluated […]Continue Reading... No Comments.
Companies or their marketers operating in a big market cannot connect to or serve all the customers at effectively at the same time. Instead of targeting the entire customer base and competing in each and every market, marketers need to identify the proper market segment based on the product attributes. Selecting proper market segment and […]Continue Reading... No Comments.