Business Study Notes

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Product Development Process

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Product Development

Business organizations are facing gradual changes in the demands and tastes of customers. Actually which can be met through new products development. Although new product development process is not easy to complete. However the change in technology and competitor strategies, also stimulates organizations toward new product development process. Also the modifications in the existing products. It is obvious that progress in the world leads to awareness of new needs of people. So this in turn creates demand for new materials for the satisfaction of those new needs.

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Research and Development in Business

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Research and Development

Research and development is one of the major functional areas of an organization that is helpful in the identification of strengths and weaknesses of the organization. There are certain organizations that are not involved in the research and development activities. While there are certain other organizations whose survival depends on the effective research and development activities.

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Marketing Research Process

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Marketing Research

The Marketing Research process is a way through which marketers evaluate the market, analyze the opportunities and threats, and try to show the best possible solution for addressing this situation. Actually, marketing research is conducted in order to get information about certain factors like customers, competitors or any other factor related to the external environment. All of such information collected is then utilized in the decision making process in the organization. Marketing research can be utilized to achieve the following outcomes.

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Marketing Process | Steps Of Marketing Process

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Marketing Process

A process that involves the customer’s satisfaction towards their requirements created in terms of value is called the marketing process. It is a string of actions and their reactions performed by the companies and the customers in order to satisfy the customers. 

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Conditions for Price Change and Its Impact on the Market

By Reading Time: 5 mins
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Price Change and Impact on the Market

Price is the second important element of the marketing mix that needs to be properly determined. Although the price change always took place in the market due to various factors. It is general that the successfully determined price of any product or service also requires some change due to many factors. This price change or price changes may be due to the changing demand or as a result of inflation. Nor it may originate as a reaction to the competitor prices. Whatever the reason may be, the price changes are an essential part of the business operations.

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