If you look at the family life cycle, you will find that as a person grows in stature in his life, he begins purchasing more and more products which are high involvement purchases. A high involvement purchase is nothing but a product which has a higher price or where the decision making is lengthy because of the numerous factors at play. Typical consumer products which are … [Read more...] about 10 Factors influencing High involvement purchase
Whenever you do an internal analysis or SWOT analysis of a company, you first observe the strengths of the company. The reason for observing the strength in swot analysis of a company first is because that is what is giving you the competitive advantage. The stronger the company, the more difficult it will be to defeat it. Hence, the SWOT analysis starts with strengths, then … [Read more...] about Strength in SWOT analysis – Examples of strengths for SWOT analysis
There are multiple components of a communications mix. The communications mix in marketing comprises of the various ways that a company can communicate with its customers. Because marketing communications is of utmost importance in today’s day and age, the communications mix and the marketing vehicles used within it are also important to marketing. As can be seen from the … [Read more...] about What is communications mix and its role in Marketing?
As the name suggests, geographical pricing is a pricing model where the final price of the product is decided on the basis of the geography or the location where the product is being sold. When an organization is operating in multiple countries or multiple regions within a country, then they have to implement geographical pricing as per the local taxation laws and local … [Read more...] about Geographical pricing and its application in Marketing
A document which is most important to your business or to your organization is the Marketing plan. This marketing or business plan is made after a lot of strategic consideration. Without strategy, a company will not move forward in an orderly manner. It will not know its own position in the market as compared to its competitor and hence, the firm will not be able to derive a … [Read more...] about What is the Importance of strategy to a Business or an Organization?
There are many Marketing mix articles here on marketing91 and we keep analysing more and more. We also encourage all small business owners and strategy makers to start planning their strategy with a look at the Marketing mix of brands. There are many reasons that justify the importance of marketing mix. Marketing mix constitutes of the 4 P's in case of products - Product, … [Read more...] about What is the Importance of Marketing Mix and why are the 4 P’s important?
Consumers have multiple preferences with regards to where they buy their products. Some customers always like to view the product in retail stores before they make a purchase. Others might browse the product on apps and take a decision. Yet others might view an advertisement and decide to take the product. And there would be yet other customers who decided to buy the product at … [Read more...] about Multi Channel Marketing – Advantages and Challenges of Multi Channel marketing
Channel conflict is a conflict of interests arising between the channel network which is selling the products to the end customer and the manufacturer. It might also be conflict arising within the channel as well. Channel management is a form of sales wherein you hire a network of dealers and distributors to get your products across to customers. Many of the top product … [Read more...] about What causes Channel conflict? 6 Reasons for Channel conflict.
A company establishes a network of distributors and dealers in order to get the products to the end consumers. However, because this network is operated manually, it will always have friction. This friction comes in the form of channel conflict, which arises due to various reasons. Price differentiation can be one reason and territory encroachment can be another. However, if … [Read more...] about 3 common Types of Channel conflicts – Levels of channel conflicts
When you want to paint a picture, you have to start with a blank page. Just like that, when you want to make a sale, you have to start with a list of cold calls or a list of target customers who are blank to you. What is Sales Prospecting? If you have a database of 100 people, you won't know in advance which amongst them is most interested in your products, who is going to … [Read more...] about What is Sales Prospecting & its role in Sales?
Axe is a brand of Unilever, known as Lynx in the United Kingdom, is a deodorant targeting young male demographic. Axe is a popular brand due to some of its very attention grabbing youth-centric advertisements. Axe has won over 10 awards at the prestigious Cannes Lions Advertising Awards. Axe is present in over 90 countries throughout the globe. The Axe effect is also a very … [Read more...] about SWOT Analysis of Axe – Axe SWOT analysis
One of the most common forms of competition, and a factor which brings in more and more competition day by day is Product competition or competition on the basis of product portfolio. If you look at it, most companies compete on the basis of product lines and the products on offer. A company wants to cater to a lot of customers. It knows that the more products it has, the more … [Read more...] about 3 levels of Product competition – How companies compete on basis of products?
If you actually compare Laptops and Desktops, they are just two types of product design of the same product - Personal computers. However, in the last several years, we have seen that the market share of Desktops has rapidly dropped and that of laptops has increased. This is all because of a simple change in Product design. Product design is important to an organization or a … [Read more...] about What is Product design and its Importance in Marketing?
Each and every one of us has a need, want or demand. And each of us, by the grace of gods, is also blessed with creativity. When a business caters to a customer, it does not only cater to the basic need of the customer but also to other needs which he does not express. All in all there are 3 types of customer needs which can be defined. The 3 types of needs can be categorised … [Read more...] about Understanding the 3 types of needs – Customer needs classification
Whenever a new business starts, the common question which the business owner faces is "Which segment should you target?". It is not only about which segment, but also about how many types of customers you want to target and what do you have on offer which will satisfy or create value in the minds of your consumers. Segmentation is considered as one of the first few steps in … [Read more...] about How to choose a Market segment? 5 approaches to Choosing a market segment.