Competition is the basis of the success or failure of firms. It also controls the appropriateness of a firm’s activities that can affect its performance. Firms compete because they are looking for a competitive position in the industry. To gain a competitive advantage in the industry firms can choose differentiation strategy or cost leadership strategy. Firms with a cost leadership …
What is Word of Mouth Marketing? Word of Mouth Marketing (WOMM) is when a product influenced the customers so much that it becomes their routine dialogue. The customer keeps on sharing his experiences with others and advertises the product in the disguise. Companies and businesses encourage word of mouth marketing by organizing events, where customers communicate with other customers and …
The prosperity of the economic setup of this world depends on the customers. That said, more customers would mean more sales and, ultimately, more profits. Or you can say that sales are a decisive factor in any business’s success. Businesses used several informal techniques in the past. People had to cover vast distances to search for new markets, faced many …
There are two things you want to considering while doing business, where you want to go and how you want to reach there. Mainly there are two types of strategies offensive and defensive course of action to gain a defendable position in the market. But according to Michael Porter, three generic strategies can be used by the firms to achieve …
Nintendo is a Japanese video game and consumer electronics multinational company. The brand started its journey in 1889 under the name of Nintendo Karuta and gained the legal status of a public company in 1960. The headquarter of Nintendo is in Kyoto, Japan. Nintendo started selling color TV games and video game consoles in 1977. The company acquired worldwide recognition …
Companies manufacture and offer a variety of products to their customers. A product line is when a business offers a set of related and similar products. Companies keep changing their product line. For instance, Apple offers smartwatches, smartphones, Mp3 players, computers, tablets, etc. Each of the product lines is completely different from the others. What is Product Line Stretching? Companies …
Attracting customers by using different means is always a frontline priority of every retailer. That is why retail business always comes up with innovation and different forms such as department stores, warehouse stores, dollar stores, specialty stores, boutiques, and discount stores. A discount store, as the name suggests, is a category of retail business where a retailer sells products at …
Today we’ll discuss the impact of psychological pricing on the decision making process of customers when they visit the market. What is Psychological Pricing? Psychological pricing is the art and process of using the factional numbers instead of the whole figures. For instance, marketers price their products 499/-, instead of the whole number 500/-. Secondly, they capitalize the first digit …
What is Network Marketing? Network marketing (also known as multi-level marketing) is often wrongfully associated with the pyramid structured schemes but its functionality is a little different from pyramid structure organizations. It is a direct selling method where the company’s products and services are sold by the group of independent salespeople, these people create and manage a link or chain …
We live in a very competitive world of 21st century where marketers are using different techniques to survive in this competitive environment. You won’t find any niche where people aren’t already working in it. However, branding is also one of those tools which give you a competitive edge while launching a new product. Now, we have to understand what brand …
