Promotion Marketing Communication refers to the strategic use of various marketing tools and channels to inform, persuade, and remind customers about products, services, or brands in order to influence their purchase decisions and behavior. It is a key aspect of marketing that helps companies communicate with their target audience and create awareness, generate interest, build … Read more
A distribution refers to the way in which the values of a random variable are spread or arranged across a range of possible outcomes. It provides a detailed description of how often each value or range of values occurs within a given dataset or experiment. Distributions can be either discrete, where the possible values are … Read more
Pricing refers to the amount of money or value that a buyer must give in exchange for a product or service. It is the monetary representation of the value of goods or services in the market. Price is a critical element in a market economy as it helps allocate resources and determine the supply and … Read more
A Product in marketing refers to any item or service that a company offers to meet the needs or desires of customers. It can be tangible (a physical object) or intangible (a service or experience), and it includes both the core product (the fundamental benefit) and the actual product (features, design, branding, etc.) Concept and … Read more
Positioning is an essential aspect of marketing that shapes the perception of a product or brand in the minds of consumers in comparison to its competitors. This process entails establishing a distinctive image or identity for a product, service, or brand, thereby securing a unique and valued position within the target market. The primary objective … Read more
Targeting constitutes a fundamental aspect of an effective marketing strategy. Once a market has been divided into distinct segments based on various criteria such as demographics, behaviors, and preferences, the targeting process entails assessing the potential of each segment, analyzing its unique characteristics, and subsequently selecting the most suitable segments for focus. This methodology enables … Read more
Market segmentation is a strategic approach in marketing that involves dividing a diverse and varied market into smaller, more uniform groups characterized by common traits. These segments comprise individuals or organizations that share similar needs, preferences, or behaviors, enabling businesses to develop customized marketing strategies aimed at effectively reaching each specific segment. This process recognizes … Read more
Consumer behavior encompasses the analysis of how individuals, groups, or households make choices regarding the selection, acquisition, utilization, and disposal of goods or services to fulfill their needs and wants. This field investigates the psychological, social, cultural, and personal elements that impact these decision-making processes. Gaining insights into consumer behavior is crucial for businesses to … Read more
Buyer behavior encompasses the actions, choices, and processes that individuals or organizations engage in when they select, acquire, utilize, or dispose of products or services. This concept includes the motivations, preferences, and various factors that affect the purchasing decisions of both consumers and businesses. Gaining insight into buyer behavior is essential for companies to develop … Read more
A Marketing Information System (MIS) is a structured framework that combines personnel, processes, technology, and tools to collect, process, analyze, store, and distribute data and information pertinent to marketing. This system is intended to support businesses in their marketing decision-making, ensuring that choices are well-informed, strategic, and consistent with the organization’s objectives. By transforming data … Read more