Definition: The Brand Revitalization is the marketing strategy adopted when the product reaches the maturity stage of product life cycle, and profits have fallen drastically. It is an attempt to bring the product back in the market and secure the sources of equity i.e. customers. Example: Mountain Dew, A Pepsi product, was launched in 1969 with the tagline “Yahoo Mountain … [Read more...] about Brand Revitalization
Brand Reinforcement
Definition: The Brand Reinforcement majorly focuses on maintaining the Brand Equity by keeping the brand alive among both the existing and new customers. This can be done through consistently conveying the meaning of brand in terms of: What are the products under the brand? What are its core benefits and how it satisfies the demand? How is the brand different from other … [Read more...] about Brand Reinforcement
Brand Equity
Definition: The Brand Equity refers to the additional value that a consumer attaches with the brand that is unique from all the other brands available in the market. In other words, Brand Equity means the awareness, perception, loyalty of a customer towards the brand. E.g., The additional value a customer is willing to pay for Uncle Chips against any local chips brand … [Read more...] about Brand Equity
Marketing Environment
Definition: Marketing Environment refers to the various factors that guide and influence a company's marketing practices with regard to product promotion. These factors are internal or external to the firm. The company's marketing team has to remain well-informed about the competitors' marketing activities. This is important to maintain success. The company's marketing … [Read more...] about Marketing Environment
Horizontal Marketing System
Definition: Horizontal Marketing System or HMS is a distribution system wherein two or more firms join hands to combine their efforts to maximize marketing opportunities. Generally, companies set up horizontal marketing systems when they look forward to achieving synergy in marketing, production or distribution. They also use this system when they do not have sufficient … [Read more...] about Horizontal Marketing System
Vertical Marketing System
Definition: Vertical Marketing System or VMS comprises producers, wholesalers and retailers that work as a combined system. Of the various channel members, one comes out as channel captain and the rest of the members either: Agree to follow the captain in sales, delivery and service or Franchises them or Has sufficient power to convince or force other members to … [Read more...] about Vertical Marketing System
Sampling Plan
Definition: A sampling plan provides an outline based on which the researcher performs research. Also, it provides a sketch required for ensuring that the data gathered is a representation of the defined target population. It is widely used in research studies. A researcher designs a sampling plan to prove that the data collected is valid and reliable for the concerned … [Read more...] about Sampling Plan
Market Intelligence System
Definition: Market Intelligence System is an array of procedures and sources that the management uses to gain knowledge pertaining to the happenings in the marketing environment. In short, it focuses on the systematic collection and processing of information from all the relevant sources to ascertain the changing trends in the marketing environment. In this system, once the … [Read more...] about Market Intelligence System
Holistic Marketing
Definition: Holistic Marketing is a concept, that considers business as one entirety. As per this approach, the business is treated as a whole wherein all the departments viz. R&D, Marketing, Finance and HR are integrated and work as a group towards the marketing and sale of a product. As a result, it proposes a shared aim and goal for all the activities and for every … [Read more...] about Holistic Marketing
Income Tax Return (ITR)
Definition: An Income Tax Return (ITR), is a form submitted to report the annual income and taxes payable for the previous year of the taxpayer. The taxpayers file ITR with the Income Tax Department. The assessee needs to furnish the details of taxable income or loss to the Income Tax Department. Such details are conveyed by way of return of income. With this form, the … [Read more...] about Income Tax Return (ITR)