The idea of the marketing concept is to find out the needs and wants of customers, and then try to satisfy them better than competitors. Nowadays, most businesses and companies follow this ideology, but it hasn’t been the same in the past. The main points of the marketing concept are; Finding the right target market Trying to understand the needs …
Product is any piece of thing or an item that you purchase it from the market in the exchange of cash or any monetary item. A product comprises of many things like furniture, computer, table, chair, house, electronic gadgets, etc. Product is something that people can buy and sell in the exchange of money when money circulates in the society …
Price Lining Definition Price lining also goes by the name of product line pricing. It’s a process of marketing strategy where businesses and retailers set different prices of the same products but have different features, degrees, characteristics, and attributes. In other words, it’s the process of categorizing the same product with different prices, as the attributes and features of the …
Companies and businesses use different types of pricing strategies, Cost-Plus Pricing is one of the simple yet effective strategies. However, it means adding the original cost of the product plus overhead expenses like labor cost, transportation cost, rent, and a profit margin or the markup. When you add all of these costs together, then it’ll be a cost-plus pricing strategy. …
What is Sales Process According to an estimate, approximately more than 13% of the employees in the US are working in the field of sales. It doesn’t matter whether you’re an experienced person or a newbie; sometimes it’s difficult for you to close the potential sales deal. You must know about the product whatever you’re selling; because you’re going to …
B2C or business to consumer means when a business sells its products and services directly to the end consumers without any intermediary. The businesses and companies that approach customers directly and don’t employ middlemen are B2C companies and businesses. Ecommerce and online shopping have promoted the B2C, where manufacturers and retailers market their products and services directly to the end …
Pricing your product is a very crucial part of the decision making of business after the manufacturing. Entrepreneurs and business owners have different types of pricing strategies to choose from while keeping in mind the overall objectives of the business. Today we will discuss price skimming strategy and how it’s important. What is Skimming Pricing? Price skimming is the strategy …
As we know that a company is an independent legal entity where a group of people who work together to achieve a common goal. A company has many pros and cons like limited liability and double taxation. However, we’ll discuss the types of companies today. Here are some of the major types of companies and their sub-categories as well, and …
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 Slack Slack is a cloud-based platform that allows people to send and receive instant messages, emails, and notifications by using the single app. In other words, slack is an integration of various miscellaneous platforms into a single one. Whether it’s direct messaging or group messaging, you can do it under one roof. Slack Technologies developed the software in …
