In the world of business, the role of the component ‘price’ is of utmost importance. No matter the amount of marketing effort or promotional campaigns, if buyers are not comfortable with the price,
Marketing management articles
What is selling cost?
According to the dictionary of marketing, selling cost refers to the expenditure, which is done by a company. This includes the promotion as well as the distribution of the product. The primary motive
What is Micro Environment in Business?
When an organization starts its business in the market, its success and sustenance are shaped by a number of factors. While some of these factors are beyond the control of the company, others
Concept of Product Class
To understand the concept of Product Class, it becomes essential to first understand what exactly a “product” is. A product can be defined as anything that is offered to a market for consumption.
Demarketing Explained in detail
In the competitive world of business, where every business tries its best to overtake it’s competitor, marketing a product or service has become the de-facto requirement for all businesses. In fact, with reports
Mystery Shopping
You may have often heard about “mystery shopping”. But, do you really know what mystery shopping is? Let’s find out. What is Mystery Shopping? Mystery shopping is a procedure wherein, an individual or
Market Coverage Strategy
The costs of Advertising a product or service is huge and thus organizations need to carefully craft an advertising strategy that will not only effectively market their product or service to the target
What is Purchase intention?
In simplest of terms, purchase intention is the likelihood of a customer buying the same product again based on their purchase history. Or it can also be the NEED of a product which
What is Indirect Competition?
There are two kinds of competition in the markets- direct and indirect. The direct competition takes places among sellers of the same commodity whereas Indirect competition take place among sellers of different commodities
What is Switching Cost?
A simple definition of Switching cost, also known as Switching barrier, is by Thompson and Cats-Baril who define Switching costs as “the costs associated with switching supplier”. On the same lines, Farrell and
What is Stealth Marketing?
An indirect way of marketing products, stealth marketing focuses on creating buzz among the audience as a whole without letting people realize that products are actually being marketed to them. It can be
Reverse Marketing explained
Pages and pages can be written about the importance of Marketing for businesses – whether big or small. From the nearby Mom and Pop stores to Multinational businesses, an effective marketing strategy has
Income Effect
A consumer’s buying behavior is shaped by many parameters like his tastes and preferences, income levels, the price level in the economy, prices of substitutes and complementary goods, demand for and supply of
Balance Of Payments
Like any household and business organization, the nation also has its economic and financial affairs to take care of. It has to keep an account of all its monetary dealings with foreign nationals
Diminishing Marginal Utility
Law of Diminishing Marginal Utility comes under the purview of Macroeconomics, a branch of economics that deals with the economic behavior of individual variables such as factors of production individually, returns to factors
Target Pricing
How is a selling price for any product calculated? The norm for price calculation in any business is generally like this: Calculate all the costs relating to the production or procurement of a