Marketing Management
What is Market Segmentation? Definition, Meaning, Objectives, Levels & Benefits
The marketing personnel recognize various alternatives to segment the market and create profiles for market segments that have emerged.
Market segmentation is the process in which groups of individuals or organizations that play an important role in determining the marketing strategy are identified. Through segmentation, different markets are classified into smaller and similar submarkets.
What is New Product Development Process? Diagram & Stages
New products are completely new in the market which were not introduced earlier. New product development is a risky process. So, the marketer takes crucial steps before launching a new product in the market by working on new product development programmer which satisfies the needs of the customers and increases the returns of the companies.
What is Product Mix? Definition, Meaning, Examples & Components
The Product Mix concept refers to the total products offered by an organization. A product line is a group of products within the product mix that can be classified together on account of criteria like customer needs, market served, channel used or technology employed.
What is Product Life Cycle (PLC)? Stages, Importance & Strategies
The stages through which individual products pass through during a particular period of time is called as “product life-cycle”.
What is a Product? Definition, Meaning & Types
A product is defined as an offering made by the company in the market for satisfying the needs and wants of the consumers. A tangible product consists of watches, pens, tables, chairs, automobiles etc., and intangible services consists of doctor’s service, insurance, health care benefits etc.
What is Consumer Behaviour? Definition, Meaning, Theory & Importance
Methods for Studying Consumer Behaviour
The various methods which help in studying consumer behaviour are categorized into three major methodological approaches,
What is Consumer Market? Definition, Meaning, Building & Types
A market is a place wherein all the buyers and sellers assemble together for buying and selling their products or services. The marketers usually use the term ‘market’ for dealing with different types of customers. The consumer markets are the markets wherein, the firms sell large consumer goods and services like, soft drinks, cosmetics, air travel, athletic shoes and equipments. These companies spend a significant amount of time for building a superior brand image. The strength of these brands depend upon developing a superior product and packaging, which assures their availability and are supported by communications and effective services.
What is Customer Value? Definition, Meaning, Building & Types
Before selecting a brand, the customers examine the products and brands with regard to their attributes, prices and suppliers. Their decision for selecting brands rely mainly on the maximization of value. The products which deliver higher value when compared to other products are selected by the customers. The companies offering “highest customer perceived value” will be selected by the customers for buying the products. The “highest customer perceived value” is the difference between total benefits and total costs of a product compared to those of the competitors.
Customer value = Total benefits − Total costs
What are the 5 Product Levels? Examples & Theory
A product has five levels and every level adds some attribute to the basic level which provides value to the consumer. These levels together forms a customer value hierarchy.