A product is not as simple as it might appear to a common man. It is more than that. There are various features and components that go into designing and building a product. In this article we will study the different levels of a product and then look at a few examples to understand what an augmented product is at some depth. Given below are the three basic levels of a … [Read more...] about What is Augmented Product?
Marketing management articles
Core benefit proposition is that proposition put forward by a company which talks about the main and the most important benefit that a consumer would derive from consuming that product. A core proposition can talk about the product in itself and also how it is different from its competitors. The core benefit of a product is also used in positioning a brand. The core benefit … [Read more...] about Core benefit proposition and its role in Marketing
Odd even pricing is extremely common to find these days and is being used widely. Many producers have started using this for a range of products. Some shops that give out discounts to their customers are also using this technique. The concept is extremely simple to understand. You woukd have come across several products being priced in the following manner: Rs. 9,999 or Rs. … [Read more...] about Odd Even Pricing and its application in Marketing
Many, many people around the globe deliver lectures or write articles and books about leadership every day. Leadership is a very complicated term to be precisely defined by putting it into words. Many forms of leadership have been witnessed in the past. Some exceptional leaders have manifested themselves and have gone on to create history in their own spheres. Each of them … [Read more...] about Transformational Leadership explained with examples
To a layman, a product might just seem as a physical structure that he/she buys but it is not just the physical appearance that is the product. There is more to it. Marketers make use of the concept of product levels to make and market a product. Before we go deeper into what a core product is, let us understand what the three main levels of a product are. Core … [Read more...] about What is a Core product? Core product explained with examples
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?
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?