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 [...]
Demand forecasting is the task of projecting the future demand of a firm. The demand forecast indicates how much of a product is likely to be sold during a specified future period in a specified market, at specified prices. Demand forecasting serves as the starting point for practically each and every activity. It enables the firm to identify its precise [...]
Integrated Marketing Communications (IMC) is a process for managing customer relationships that drive brand value primarily through communication efforts. Such efforts often include cross-functional processes that create and nourish profitable relationships with customers and other stakeholders by strategically controlling or influencing all messages sent to these groups and encouraging data-driven, purposeful dialog with them. IMC includes the coordination and integration [...]
Everything you need to know about the factors affecting pricing decisions. A company's pricing decisions are affected by both internal and external factors. Internal factors include the company's marketing objective, costs and marketing strategy. External factors include the nature of the market, demand, competition and external factors. The amount of money charged for product or service or the sum of [...]
Everything you need to know about the types of pricing strategies. Pricing strategies are formulated using pricing policies and after consideration of overall consumer demand, business environment, and competitor's pricing policies, stages of product life cycle and product mix strategies of the company and other marketing objectives of the company. Companies may adopt different strategies to meet changing business objectives [...]