Marketing

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

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

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

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

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

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