Customer segmentation basically deals with the exercise of making groups and further sub groups of the customers depending upon their different needs. It is the making of sections of consumers based on their specific behavior and needs, so that we could easily target them. The objective behind customer segmentation strategy is to integrate the market into the sets of individuals that shows similar behavior. These sets are designed on the basis of various characteristics like gender, age group, their likings and dis-likings, the interest levels, their buying habits and many other characteristics, etc. Customer segmentation is also known as client segmentation, which is developed to make better customer relationships with them.
Archives for June 2016
International business is basically referred as selling your product in other countries and expanding your business worldwide instead of just focusing on the domestic market. It means trading your product globally by making your entry across the borders. In International business you make your products and services to satisfy the customer in all over the world instead of just focusing on local consumers. It is basically defines as the unit called becoming multinational or having an international business brand.
Marketing planning process is basically a set of steps that provide guideline about how to market and sell your product in the market within a specific period of time. It involves which promotional strategies to be adopted to make your product best seller in the future. Marketing planning process consist of the tactics and marketing techniques that you have to assume for achieving your marketing goals within the required time period.
Penetration pricing is the market concept adopted for a new product to be launched in a market with low prices, so that it may penetrate in the market and can gain its position among-st the rivals. This strategy is implemented by the marketers for achieving the high ratio of sale for their new product by keeping it economical. By using this idea you can diffuse new product in a previously existed market in which there are huge rivals. You can keep your price low and compete in the market.
Public service advertisement is a type of marketing that is circulated in the market without any cost and is for the public welfare. These are designed and broadcast for the societal improvements and for collective wellbeing of community as a whole. Also these are broadcast by the mass media to let the general public know and inform about the social matters. Along with the attraction the public service advertisement always have some specific purpose behind its agenda. Public service advertisement evolved after the First World War and instead of making money, it is for covering some specific agenda and to resolve some societal problem in a disguised form.
The Consumer Adoption Process is a 5 step mental process by which all the customers/ consumer go through while adopting a product from learning about a new product to becoming a happy loyal user of that product or to decline/reject the product completely. The process of a consumer of moving from a cognitive state toward the emotional state and finally reaching towards the behavioral or conative state is another way to explain Consumer Adoption Process.
Choice of right sales promotion strategies has become important today. You can never get success in the market until you do not understand your audience and still if you do not put the sales promotion strategy, you can’t get success in the market. The most important part of the daily business activities is promoting the products finished goods for sale. Attracting and retaining a customer is important to make a sale. The companies have opted many efficient strategies that are tried and tested over the period of time. In this article we will discuss the Sales Promotion Strategies in detail, there meaning, their use in business world and the benefits that Sales Promotion Strategies yields for the business organizations.
Before moving towards the different types of product positioning and product positioning strategies, it is important to know the product positioning definition or what is product positioning? Product positioning can be defined as the position or place a product resides in the consumer’s mind with respect to the competing product. It is a process used by marketers to determine the best possible way to promote the product attributes to the target market according to the customer needs and wants, competitive structures and advertising media. The survival of the product in the market requires a sustainable competitive advantage and a unique selling proposition. Creating an identification of the product in the market is simply called product positioning. Below are the various types of product positioning strategies.
Marketing communication plan is the process of creating a positive impact on the targeted audience by successfully carrying out or executing all the important elements of the marketing mix. In pretty simple words the Communication Plan is setting objectives to change people’s awareness, knowledge, attitudes or behaviors about the product. Managing all the aspects of the promotional mix (advertising, sales promotion, public relations, and direct marketing) in the Communication Plan.
Consumer Decision Making Process
Consumer Decision Making Process means the process of Identifying and verifying the decision making of the consumer by the business leaders or the marketers. The Marketers have simplified the process of decision making in five stages. Let’s just talk about the End Consumer and Consumer Behavior before we jump to discuss the stages of Consumer Decision Making Process. The End Consumer is the heart and soul of any business stability. End Consumer is a business term used to describe the end user of the product in the distribution chain of business. The End User may or may not be the purchaser of the company product.