What is Business Market? The Business Markets include organizations that buy products on large scale either for the production of another product or for their own use. Organizations are buyers as well as sellers. Buying for Producing for Consumers Organizations buy products and add value to the same for selling to Consumers. These organizations are
What is Information System? Information systems are “A combination of hardware, software, infrastructure, and trained personnel organized to facilitate an organization’s planning, control, coordination, and decision making. Data is a raw material for information systems. Collecting data costs money and hence one must collect necessary and sufficient data. Data is generally input to the information
What is MIS? A marketing information system (MIS) is a continuing and interacting system of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute pertinent, timely, and accurate information for use by marketing decision–makers to improve their marketing planning, implementation, and control. MIS is the use of information technology, people, and business processes
What is CRM? Customer Relationship Management (CRM) is an information industry term for methodologies, software, and usually, Internet capabilities that help an enterprise manage customer relationships in an organized way. Every organization emphasizes building a long-term relationship with customers to nurture its stability in today’s market. Customers want to receive exactly what they demand and
What is Brand Personality? Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/characteristics to a brand so as to achieve differentiation. These characteristics signify brand behavior through both individuals representing the brand (i.e. its employees) as well as through advertising, packaging, etc. What Leads To Brand Personality? The
What is a Brand? The word “brand” is a comprehensive term “A brand is a name, term, symbol, or design or a combination of them that is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors”. What is Branding? Branding is the
New Product Development Process Developing a new product is key to organizations’ survival in the ever-changing marketing environment. Some organizations set a price limit while others focus on adding value and making the existing product better than before. They do this with the price factor coming at a later stage. Depending on the organisation’s size
What is New Product Development? By new products, we mean original products, product improvements, product modifications, and new brands that the firm develops through its own research and development efforts. A new product will be considered anything which is perceived by the consumer or with which the firm has no previous experience. From a firm’s
Stages of Product Life Cycle The Product Life Cycle describes the stages a product idea goes through from beginning to end. Following are the stages of product life cycle: Introduction Stage In the market introduction stage, sales are low, as a new idea is first introduced to a market. Customers aren’t looking for the product.
What is Product Life Cycle? The product life cycle is the process a product goes through from when it is first introduced into the market until it declines or is removed from the market. The life cycle has four stages: introduction, growth, maturity, and decline. In other words, The product life cycle is an important