Marketing

Definition: The Product Life Cycle means the sequence of stages that every product progresses through until it reaches the stage where it is finally abandoned or discontinued from the market. In other words, the life of a product is finite and advances through several stages i.e. from the introduction to growth, maturity and decline which are associated with the changes in … [Read more...] about Product Life Cycle

Definition:  The Promotional Planning is a process of optimizing the utilization of marketing tools, strategies, resources to promote a product and service with the intent to generate demand and meet the set objectives. Promotional Planning Process The Sales Promotional Planning Process is comprised of following steps: Problem Definition: First of all, the management … [Read more...] about Promotional Planning Process

Definition: The Promotion is a mode of communication that companies use to create awareness among the prospective customers about the product, product line, brand and the company with an objective to generate sales and create a brand loyalty. The companies having different objectives choose different kinds of promotion. These are:   Informative Promotion: … [Read more...] about Kinds of Promotion

Definition: The Product Promotion means disseminating the information about the product, product line, brand and company to the prospective buyers with the intent to generate sales and develop a brand loyalty. The Promotion is the fourth element of the marketing mix (Viz. Product, price, place, promotion) which is considered as a mode of communication that business adopts … [Read more...] about Product Promotion

Definition: The Promotion Mix is the blend of several promotional activities (Advertising, personal selling, sales promotion, public relations, direct marketing) used by business to create, maintain and increase the demand for a product. The management must consider the following factors in determining the promotion mix, these are: Nature of Product: The different … [Read more...] about Factors Affecting Promotion Mix

Definition: The Packaging refers to all those activities related to designing, evaluating and producing the container for a product. Simply, the box-like container, wherein the product is stored to protect it from any physical damage and at the same time attracting the customer through its appeal is called as packaging. The product might have three layers of packaging, such … [Read more...] about Packaging

Definition: The Product Mix also called as Product Assortment, refers to the complete range of products that is offered for sale by the company. In other words, the number of product lines that a company has for its customers is called as product mix. The Product Line refers to the list of all the related products manufactured or marketed by a single firm. The number of … [Read more...] about Product Mix

Definition: The Market Segmentation means dividing the entire consumer market into the subgroups, such that the customers in each group share the common set of needs and wants and have more or less similar or related characteristics. Bases of Market Segmentation The firms can segment the market on the following bases: Geographical Segmentation: Here, the segmentation … [Read more...] about Bases of Market Segmentation

Definition: The Market Segmentation means, breaking down the entire consumer market into the subdivision of customers who share the similar set of needs and wants and have more or less related characteristics. The purpose of the market segmentation is to categorize the heterogeneous market into the groups that are homogeneous in nature so that firms can focus completely on a … [Read more...] about Market Segmentation

Definition: Market Survey is another most widely used sales forecasting method which is used to gather information related to the market that cannot be collected from the company’s internal records or the external published sources of data. The market survey method is typically employed in the situations where the primary data or first-hand data is required to forecast the … [Read more...] about Market Survey