Direct marketing is a sub-discipline and type of marketing that allows businesses and marketers to communicate directly to the customers. There are two main characteristics which distinguish it from other types of marketing. It attempts to send its messages directly to consumers, without the use of intervening media. It is focused on driving purchases that […]Continue Reading... No Comments.
Conjoint analysis is a statistical tool used in market research to determine how different features of a product affect the buying behavior in the consumer’s mind. The objective of this analysis is to determine the proper combination of a limited number of attributes which influences the consumer’s mind most and affects the buying behavior. A controlled […]Continue Reading... No Comments.
Public relation is a type of communication where nothing is being paid directly for the purpose unlike advertising. It involves the following methods for promoting a product and are less expensive compared to advertising. Issuing press releases. Declaring sponsorship deals Conducting exhibitions to display the variety of products from a company. Organize trade fairs and […]Continue Reading... No Comments.
Advertising is the paid form of promoting a product or services to a high consumer base using different types of media or communication channels. Following are the objectives of advertisement. To attract attention of a potential consumer and create awareness about the product To stimulate interest among the consumers to maintain the demand of products […]Continue Reading... No Comments.
Professor Neil Borden at the prestigious Harvard Business School came out with a term ‘Marketing Mix’. He identified a number of company performance actions that can influence the consumer decision to purchase goods and services. Marketing mix specifies the main marketing decisions which involve the main four P’s of marketing, four C’s of Marketing and […]Continue Reading... No Comments.
Main 4P’s of Marketing. Product Price Promotion Place Check the 4P’s of Marketing for more details The other 3P’s of service marketing are: Process Physical Environment People. Process deals with the processes and methodologies followed in a company to develop a product or services. Better standardized the processes and methodologies; more confidence of the customer in […]Continue Reading... No Comments.
Robert F. Lauterborn proposed a four Cs classification in 1993. The Four Cs model is more consumer-oriented and attempts to better fit the movement from mass marketing to niche marketing. Consumer: Product part of the Four Ps model is replaced by Consumer or Consumer Models, shifting the focus to satisfying the consumer needs. Another C […]Continue Reading... No Comments.
Marketing Activities are basically divided into four basic elements, which together are referred to as Marketing Mix. Product Price Promotion Place Product stands for goods/services offered by a company. A product, service or an idea may also be defined as a product which is given to customers in exchange for a price. Different types of […]Continue Reading... No Comments.
Market segmentation indicates the division of an existing market into different sub-markets with different attributes to satisfy the respective customers in the best possible manner. For different types of market segments, the marketing plan and strategy will be different considering different attributes. For a firm offering retirement solutions and planning, to market its product it […]Continue Reading... No Comments.
Level of Market segmentation can be anything in the below list based on the marketing plan of the marketer and the product attributes. For some products, it can be marketed to all the customers and some products it can only be marketed to only high income group. Product attributes and branding play an important role […]Continue Reading... No Comments.