What is Price Mix? Price mix refers to the amount ht customer pays for a product. It can also be referred to as the sacrifice which consumers are ready to make to acquire a product. Moreover, Price mix is the only component in the marketing mix which has implications for revenue. The marketer needs to
What is Product Mix? A Product mix refers to an item that satisfies the consumer’s needs or wants. Typical marketing decision regarding product involves deciding what goods or services should be offered to customers. The product provides the primary value to the customer. The customer got interested in the company primarily because of the product
What is Marketing Mix? A marketing Mix is a particular combination of the product, its price, the methods to promote it, and the ways to make the product available to the customer. Based upon its understanding of customers, a company develops its marketing mix of product, place, price, and promotion. In other words, a Marketing
What is the Market? Knowing your market accurately and completely is a prerequisite for successful marketing. This task is made even more difficult for companies trying to advertise on the Web. Yet, as noted earlier, this trend toward using the Internet will continue. The market can be viewed from many different perspectives and, consequently, is
What is Meta Market? The meta market can be defined as “a market based on the new form of communication World Wide Web centered around an event or an industry and not on a single product’’. These are the markets of complementary products, which are closely interrelated in the minds of consumers, belonging to different
Functions of Marketing These are essential functions of marketing explained below: Marketing Research Marketing research involves collecting and analyzing facts relevant to various aspects of marketing. It is a process of collecting and analyzing information regarding customer needs and buying habits, the nature of competition in the market, prevailing prices, distribution networks, effectiveness of advertising
What is Consumer Behaviour? Consumer behaviour is the study of how individual customers, groups, or organizations select, buy, use, and dispose of ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions. Consumerism is the idea that
Types of Marketing Research Following are the types of marketing research explained below: Exploratory Research Exploratory research is used in cases where the marketer has little or no understanding of the research problem due to a lack of proper information. For example, a marketer has heard about social media marketing techniques that are employed by
Process of Marketing Research Marketing Research is the function that links the consumer, customer, and public to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address
Objectives of Marketing Management According to Peter Drucker, the well-known American Professor believed to be the father of modern management thought, it is marketing that distinguishes a business from other forms of organization. This statement is based on his view that the purpose of a business is to create customers. It is possible only when