The characteristics of both - Target market and Strategic market are different. Hence, when our readers ask us the difference of Target market vs strategic market, than we answer with the point of view of the management of the company. Within the current market, the population which you want to target is known as target market. The focus of the company remains on the target … [Read more...] about Target market vs Strategic market
In every part of the world there are different systems of product classification. The concept of “product classification” consists of dividing products according to specific characteristics so that they form a structured portfolio. In general, manufacturers use an informal product classification system but there are also many standardized methods of product classification … [Read more...] about What is Product classification?
I have recently written an article on Vision statement and why you need it. A second article has been written on Vision vs Mission. But in this article I would like to compare vision statement vs mission statement. A Vision statement is written by an organization to showcase its dreams and where it wants to be in the long run. A vision statement will be of 2-3 lines and it … [Read more...] about Vision statement vs mission statement
There are several ways to measure customer satisfaction. However, some methods are elementary and can be applied to any business format, be it a large corporate or a small and medium enterprise. As these measures can be carried out through internal analysis, they should be done as regularly as possible and will help develop customer satisfaction for your organization. This … [Read more...] about 4 elementary ways to measure customer satisfaction
Core competency exists in companies which have a factor central and unique to their business. Core competency is a factor which gives you competitive advantage over others. Examples of core competency are home delivery in case of Domino's, or Innovation in case of Apple and Google. Your core competency is always defined when compared with others. Let us understand core … [Read more...] about Core competency
From the house of apple, the innovative Iphone was one of the first phones using multi touch functionality. Although Apple failed to obtain the patent for it, it soon caught up with user's fascination just like all other Apple products. People appreciated the Iphone marketing mix because it was product driven and at the same time the technology were fantastic. Here's more on … [Read more...] about Apple Iphone marketing mix
Customer retention is quite dependent on the customer lifetime value. In layman terms, customer lifetime value tells us what would be the profits from a customer if he is retained by the brand for life. In actual terms - Customer lifetime value (CLV), Lifetime customer value (LCV), or Lifetime value (LTV) is the net present value of the cash flows attributed to the relationship … [Read more...] about Customer lifetime value
Adoption process is a series of stages by which a consumer might adopt a NEW product or service. Whether it be Services or Products, in todays competitive world, a consumer is faced with a lot of choices. How does he make a decision to ADOPT a new product is the Adoption process. There are numerous stages of adoption which a consumer goes through. These stages may happen … [Read more...] about Adoption Process
SWOT of DNA - Daily news and Analysis (DNA) as a newspaper started with a bang. Excellent marketing and brand acceptance. However later on it was soon overtaken by other newspapers. DNA Over promised and under delivered. Here is the SWOT of the media brand DNA. STRENGTHS IN THE SWOT ANALYSIS OF DNA Quality and customer satisfaction - DNA is a newspaper which focuses on … [Read more...] about SWOT ANALYSIS OF DNA – DAILY NEWS AND ANALYSIS
Building long term relationships with customers is a key to sustainable businesses. So how can you build such relations with your customers? Building relationships mainly relies on the interaction which the company has with its customers. This interaction can come in the form of distributors (many customers), retail as well as direct sales executive. Each channel is different … [Read more...] about 5 levels of relationship marketing
Many a times, the business owner is confused when it comes to online marketing. He might have no knowledge of the field whatsoever and he doesn’t know the technical terms. And hence, when an internet marketer asks the customer, whether he wants a website or a blog, the answer will be a half hearted shake of the head to either a website or a blog. Because the customer does not … [Read more...] about Website vs Blog for your business
Today’s economic environment is tough. Consumer spending is low and at the same time consumers have become very knowledgeable and selective about the product they buy. Decision making is happening mainly based on word of mouth, though advertising is also playing a crucial role in decision making. One of my readers recently wrote to me of what I think of the current economic … [Read more...] about Increasing importance of marketing in today’s economic environment
Customer retention is very important for a company if it wants to grow and reach its apex. However, many of these companies also lose customers over time. In fact, at the start of a business, more customers are lost then gained because of low trust in the product and the brand. So what can be the cost of lost customers? A perfect example of high customer loss can be the … [Read more...] about Cost of Lost Customers
Me too marketing takes place when a company starts a product which is just like its competitors. There are hardly any differentiating factors. When there are no differentiating factors, a Me too marketing company can give stiff competition and take away the market share of the leading company. An example of Me too marketing can be seen in the satellite television space in … [Read more...] about Me too Marketing explained
Many of us want to start a part time business with our full time job so that we can have a better bank balance. However, when we try to juggle both, then there is simply so much to do that we don’t have enough time in the day to do it. This does not mean that if we can’t balance a part time business with a full time job, then we will give up pursuing our life’s goals!! We … [Read more...] about How to balance part time business and full time job?