What is a Product? Product is the first P in the marketing mix. Without a product a marketer has nothing, in other words, there is nothing to promote, distribute and charge for. Therefore it is considered the main axis of marketing activities. In a general sense, a product is an offering by the marketer which
What is Product Positioning? Product positioning can be defined as the place occupied in consumers’ minds regarding the firm’s product(s) or brand(s), distinguishing on the basis of product attributes. Product positioning can also be defined as the act of designing a company’s offering and image to occupy a distinctive place in the mind of the
Types of Market Segmentation Let’s understand the types of market segmentation in detail: Geographic Segmentation In geographic segmentation, the market is divided by location. The theory behind this strategy is that people who live in the same area share some similar needs and wants and that these needs and wants differ from those of people
Micro and Macro Environment in Marketing Management In this article, we will be understanding briefly micro and macro environments in marketing management: Micro Environment in Marketing Consists of factors in the company’s immediate environment that affect the ability to serve its markets, e.g. company, supplies, market intermediaries, and customers. To carry out a company’s primary
Factors Influencing Consumer Behaviour These are the factors influencing consumer behaviour explained below: Cultural Factors Influencing Consumer Behaviour Following are the cultural factors influencing consumer behaviour: Culture Culture is an important characteristic of a society that distinguishes it from other societal groups. Culture influences the behaviour of the can be seen in that transmits from
What is Demand Measurement? Every company is curious to know the existing status of its product, its prospects, the specific time period who is their customer, and whether there are chances to increase the sales and market share in the market. What is Sales Forecast? A sales forecast can be defined as an estimate for
What is Marketing Environment? The marketing environment is the factor that influences a company or firm’s activities. According to Kotler “Marketing environment refers to the external factors and forces that affect the company’s ability to develop and maintain a successful relationship with target customers. The marketing environment consists of both internal and external forces. Internal
Marketing Mix Process A firm’s marketing efforts should starts and end with the customers. A marketing mix is an important tool used by the marketing manager in formulating marketing planning to suit the consumer’s needs. There is a need for a well-defined marketing mix to attain the goal of the marketing department of the firm.
What is Place Mix? Place mix involves decisions concerning distribution channels to be used, the location of outlets, methods of transportation, and inventory levels to be held. The product should be available in the right quantity, at the right time and place. Distribution channels consist of independent intermediaries such as retailers, wholesalers, and distributors through
What is Promotion Mix? Promotion mix refers to marketing communications that may comprise elements such as advertising, public relations, direct marketing, sales promotion, exhibition, and sponsorship. The promotion mix decision pertains to the selection of the most appropriate mix of the aforementioned tools of promotion. By these means, the target audience is made aware of