A high involvement product is a product where extensive thought process is involved and the consumer considers a lot of variables before finally making a purchase decision. Many times, high involvement purchases involve multiple buyers or multiple influencers who influence a single buyer. An example of multiple people being involved in buying a high involvement product is when … [Read more...] about What is a high involvement product and characteristics of High involvement purchase?
Marketing management articles
Businesses are complicated and the jargons used in the day to day running of any business are also confusing at times! Efficiency and effectiveness are words that are, more often than not, used together in a sentence and this is true especially in business planning related to resources, output or employees. Let us first understand what effectiveness and efficiency mean and … [Read more...] about Difference between efficiency and effectiveness in business
There are many different types of purchases which a consumer might make. But if we measure the purchasing behavior of the customer on the basis of his involvement in the purchase, then the two most common type of purchase is Low involvement purchase of a Low involvement product or a high involvement purchase. Low involvement products, as the name suggests, are products where … [Read more...] about What is a Low involvement product or Low involvement purchase?
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 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
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?
Ask any businessman what is a push strategy and a pull strategy and they will simply say that its selling vs Marketing the product. Where push involves outbound marketing and you have to reach the customer, pull involves creating a value for your product so that the customer walks in to buy your products. As competition has increased over the years, companies have realised that … [Read more...] about How to push your product in the Market for better sales and apply Push strategy?
One of the things which confuses many beginners in Marketing is the product hierarchy. There are just too many types of product classes like Product line, product mix, product type etc. However, this article tries to make it all simple. To understand the product hierarchy, we will have to look not at a single product but the business as a whole. So in this example, we can take … [Read more...] about Understanding the Product hierarchy and Product classification
Branding not only plays a role in the marketing of the complete product, but in the marketing of its ingredients and components as well. As the market exploded, more and more companies found out that Pull marketing was the way to get their product accepted in the market and to realize higher turnover and to create automatic demand. However, it is not easy to create demand for … [Read more...] about Ingredient branding and How to build an Ingredient brand?
Every organization’s aim is to realise profits in the business that it undertakes. This profit is, to a large extent, determined by the selling price of its product or service. It is not always true that a higher selling price leads to greater profits. The demand for a product at every price point is also important to determine the revenue generated and thus the profit. Two … [Read more...] about What is Cost based pricing and how it is applied in the Business world?
There are various types of products in the market running on various marketing strategies. Some of them are penetrative, trying to defeat the competition on the basis of price. Others are competitive, which are taking on the competition by maintaining the same pricing and quality as them. Yet others are premium in nature, trying to outdo competition with their premium image … [Read more...] about 10 tips & tactics for Marketing a luxury brand