Direct marketing is a database-driven process of directly communicating with targeted customers or prospects using any medium to obtain a measurable response or transaction via one or multiple channels. Direct marketing involves direct contact with the customer, but to achieve that, companies must invest in updated databases and must maintain measurable responses from customers. Thus, a direct marketing firm does [...]
Market segmentation is the process of partitioning markets into groups of potential customers with similar needs or characteristics who are likely to exhibit similar purchase behaviour. Market segmentation represents an important recent advance in marketing thinking and strategy. In earlier years many business firms saw the key to profits to be in the development of a single brand that was [...]
The market environment is a marketing term and refers to factors and forces that affect a firm's ability to build and maintain successful relationships with customers. Three levels of the environment are - [a] Micro (internal) environment - small forces within the company that affect its ability to serve its customers, [b] Meso environment - the industry in which a [...]
A Marketing Information system (MIS) is "a system that analyses and assesses marketing information, gathered continuously from sources inside and outside an organisation". Marketing Information System (MIS) provides managers and other decision makers with continuous flow of information about markets, customers, competitors, and company operations. A Marketing Information System (MIS) is a set of procedures and methods designed to generate, [...]
A product consists of a bundle of utilities involving various product features and accompanying services. These utilities are created by a set of tangible, physical and chemical attributes assembled in an easily identifiable form. The product has a descriptive name and a brand name for easy identity. A product can range from being a high-end customized offer like Ferrari Cars [...]
Marketing occupies an important position in the organisation of a business unit. As traditionally defined, “marketing consists of those efforts which effect transfers in ownership of goods and care for their physical distribution.” It is the process by which products are made available to the ultimate consumers from their point of origin. It consists of all those activities which are [...]
New Product Development is the process of designing, building, operating, and maintaining a good or device. Software and internet companies use a product development process to ensure that they are not just manufacturing a technology, but creating a product that people will want to buy and continue to use. New product development is development of altogether new product so far [...]
The term 'product mix' implies all the products offered by a firm for sate. It may consist of one line of products or several allied product lines. Product Mix, also known as product assortment, is the list of all products offered for sale by a firm. Product Mix is defined as the composite of products offered for sale by a [...]
Product is the first and the foremost element of marketing mix. If the product itself is defective no other element can improve its performance. A firm expresses itself through its products and services. Therefore, planning and development of products is a vital issue in business. A product is an aggregate of various tangible and intangible attributes, symbolic features, and associated [...]
There are a large number of factors which affect the choice of a suitable channel of distribution. There are various factors that put limitations on the ideal choice, hence every producer has to select a channel that is less than ideal. Ideally every company wants to select the lowest cost channel, but the lowest cost channel is not necessarily be [...]