Branding refers to the practice of creating a name, symbol or design that identifies and differentiates a product from other products available in the market. It simply means the process of creating a unique name and image for a product in the consumer's mind. It aims at establishing a significant and differentiated presence in the market that is able to [...]
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 [...]
Advertising has been defined as “mass, paid communication, the ultimate purpose of which is to impart information, develop attitudes and induce actions beneficial to the advertiser”. Advertising is one of the promotion techniques categorically used to impact the demand for product in the market. The word 'advertise' originates from the Latin word 'advertere' which means to turn towards or to [...]
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 [...]
Distribution is all about getting your product/service to the right people at the right time with special consideration for profit and effectiveness. Successful marketing does not end when a business has developed a product/service and has found its appropriate target audience with a view to selling it at the ‘right price’. A distribution channel (also known as a marketing channel) [...]
Personal selling involves selling through a person-to-person communications process. This direct and inter personal communication gives immediate feedback from the receiver. This communication process, known as dyadic communication helps companies to tune the message suitable to the respective buyers. Personal selling often plays an important role in industrial firms. Personal Selling is one of the forms of Sales Promotion. It [...]
Everything you need to know about the types of advertising media. Advertising media are the means to transmit the message from the advertiser to the particular class of people. The advertisements may be classified into different categories, based on various forms of media. Media of advertising means any object or any device which is used to communicate the message, either [...]
Everything you need to know about the definitions of marketing research. Like the term marketing, marketing research evokes different images in different people's minds. Some quote it with consumer interviews; some think of it as sales forecasting or sales analysis; to others it represents obtaining reactions to new product ideas or models. Different companies even use different terms. There are [...]
Everything you need to know about the methods adopted for pricing of products. Pricing is the activity of determining the value of a product and expressing that in terms of money and offering the products to the market for sale at that price. Pricing involves the following aspects - determining the pricing objectives, identifying the pricing factors, market study, competition [...]
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 [...]