Well, for anyone who thinks the Barnum effect or the Forer effect sounds vague, think again. It has been existing and in practice since ages. The best example of the Barnum effect is your daily horoscope. They are in vogue and can be found in any newspaper. Most taureans think the Horoscope is about them,
India is one of the fastest growing markets for the automobile industry and the company Mahindra and Mahindra is one such automobile company that has revolutionized the markets. Founded in the year 1945, it is one of the leading brands for agricultural tractors in terms of manufacturing and volume. This multinational manufacturing organization has its
Branding is everything when it comes to business – without a recognisable, unforgettable brand, your company may be losing out to bigger and smaller competitors. Branding can sometimes be overlooked by businesses for a number of reasons – perhaps they believe their budget is better spent elsewhere or are still stuck with the same old
There are two financial benefits which a firm can offer for customer retention. First would be frequency programs (FP) and the other is club marketing program. Frequency programs (FPs) – The frequency programs are in essence awards given to a customer who buy regularly and in substantial amount. The frequency program works on the 80-20
British Airways is the largest airways in the United Kingdom in terms of its fleet size and international destination flights. If it is about carrying passengers, it comes at number second. The airway has its headquarters near the Heathrow Airport in London.
The Customer concept is a 4 stage model which shows how the organization can achieve growth by capturing and retaining its customers. The customer concept model can be used to determine where the organization stands in terms of serving its customers. This model can be used in product market as well as the service market.
Forecasting methods are any of an array of methods for estimating or predicting future events or conditions. Marketers have a range of methods to draw upon in making forecasts concerning events and conditions which vary in the likelihood of their occurrence in both the short and long term.
Forgetting Curve (also called the Ebbinghaus forgetting curve, Ebbinghaus curve of forgetting, Ebbinghaus forgetting function, Ebbinghaus effect, Ebbinghaus’s law offorgetting, or, more generally, the law offorgetting) A curve depicting the outcome of Ebbinghaus’s recall experiments relating the time since a learning session to the percentage of recall. Ebbinghaus (1913) conducted pioneering experimental research on memory.
Ever noticed how, in hollywood movies, the hero is many a times “framed”? What does framing mean and what is the framing effect? Framing means the way that an information is presented such that it causes different interpretations in the mind of the listener or the responder. If i told you that you had a
Free Rider Effect is a situation where an individual or organization is able to benefit from the actions of another without contributing to the cost associated with such actions. Business encompasses quite some aspects. In some instances, business partners may decide to work together with the aim of attaining their common goals. But the moment
Frequency Marketing is Marketing which involves rewarding customers for the volume or frequency of their purchases in order to enhance customer profitability. Frequency marketing emphasizes the development and implementation of marketing strategies and tactics aimed at increasing the frequency of customer purchases, visits, orders, and the like in an effort to maximize the profit contributions
Depending on the nature of the business, sometimes, a firm may have to implement various marketing ideas in a single go in an attempt to achieve the required results. In such scenarios, marketers often make use of a wide range of marketing vehicles that are capable of conveying the intended message across to a wide
In a previous article, we have been presenting the concept of quantitative research and its usefulness in the business environment. Below we are going to describe qualitative research and how we can apply it in real situations. Generally speaking, Qualitative market research helps us in finding out the perceptions of our target audience, as well as
Chinese economy is the fastest growing economy among all the developing economy. It is the biggest exporter of goods and services to the richest economy of the world i.e. united states of America. The Chinese economy is said to be the next most powerful economy of the world. Foreign direct investment of China is highest
Push strategy is the most common in B2C as well as in B2B market. Push strategy typically stands for generating more sales from the market. There are many different tools which altogether help in building up the push strategy for an organization. For example these tools are