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 …
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 …
The term “life cycle” may not be the same for everything. For instance, when we talk about the human being’s life cycle, it means everything from birth to death is a part of the life cycle. The “in-between” stages include childhood, teenage, adulthood, maturity, old age, and ultimately death. Similarly, non-science phenomena also follow a life cycle. Let’s say we …
If you have feet, you can move! Well, it means if something is not working for you, try to do it the other way. If you are trying your “luck” in something and failing to make a mark, it does not mean you should leave it. Instead, you should change your strategy; you should change your position; you should consider …
Organizations use different types of marketing strategies for their products and services. They install banners and billboards in crowded places and use social media platforms to attract the attention of people. The purpose is to send the message and increase the market share of a product/service. The kiosk is a type of direct marketing techniques that businesses use. Today we’ll …
In general terms, evolution means the different stages in any phenomenon’s life how it starts and then goes through different stages from smaller to higher-level complexities. Similarly, when we define market evolution, it is the development of a marketplace from early to advanced stages. Just like any other phenomenon, a market also evolves while going through different stages. In this …
Everything goes through a process and eventually reaches its “endpoint.” For instance, when we talk about the human life cycle, it starts with birth and ends with death. However, the in-between processes include childhood, teenage, youth, and then eventually, we get old. This is a complete cycle. Just like humans, almost everything in this universe has a life cycle. Similarly, …
Just like the evolution of humankind, humans have witnessed an evolution in many other things. One prime example of this concept is the changes in business models. When humankind started learning ways of doing business/trading activities, they started with the barter system. That said, people used to trade commodities with commodities. Evolution of Business Models Things started getting better, and …
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 …
The marketing and advertising cost of your product/service is usually very high. Therefore, businesses and companies need to carefully plan their advertisement strategy. It should be able to serve two purposes, first, it should be cost-effective, and second, it should market the right message to the target customers. In other words, we plan a strategy that would increase the ROI …
