Every business has a different benchmark of “success” and different ways to maximize profits. For instance, some businesses produce expensive but luxury products and sell them at higher profits. However, such companies don’t sell in huge numbers because their profit margin is very high, and their target audience is very limited. On the other hand, a lot of companies make …
Suppose you run a retail store in town having a population of 0.2 million. Of course, you will be facing competition (either low, medium, or high). But, out of those 0.2 million, 50,000 people are your regular customers. This means that you are selling your products to 1/4th of the total population. If we are to speak in business language, …
If somebody tells you, “drive 50 kilometers ahead, then take a left to THAT road, and then…” Well, even if you drove 50 Km, how would you know that THIS IS THE LEFT I SHOULD TAKE? Simple, there will be a signboard or something like that to help you reach where you want. Similarly, if you are traveling but run …
It comes as no surprise that this generation considers social media or digitalization to be the only channels for advertising or marketing practices. However, social media and “proper digitalization” are hardly 2-decade old children. Moreover, before these “revolutionized digital marketing practices,” print advertising was the most effective and widespread type of marketing. Yes, things have changed dramatically, but does that …
When you’re launching a product/service into the market, then you have set its right pricing. It shouldn’t be too high and low depending upon, and freemium is also one of the pricing strategies. Today, we’ll discuss the freemium pricing strategy, its types, and pros and cons. What is Freemium Pricing? Freemium pricing is a combination of two terms; premium and …
Businesses and companies use various methods to determine the price of their product. Usually, they set the price based on the cost of production, and add some profit margin, and then it’s a sale price. Some other businesses set the price long before knowing the cost of the product. Today’s we’ll discuss target pricing strategy, why businesses follow it, its …
Nothing is constant except for the change. Everything, since its inception, has evolved. Talking about evolution, business practices have been a perfect example of this phenomenon. Marketers and entrepreneurs have left no stone unturned when it comes to marketing practices. Companies have advertised their products or services on all possible channels. They have targeted social media, print media, digital media, …
The first and foremost objective of any business is to grow and earn profit. When they start making a profit, their next goal is to stabilize their earnings. That’s what stabilizing strategy is all about. Today, we’re going to discuss stabilizing strategy, its types, and examples. What is Stability Strategy? The stability strategy is the business strategy of any corporation …
If you have to teach 1000 people, what options do you have? One, you teach them directly. Second, you train ten people and ask them to train the others. Generally, it will be easier to teach ten people effectively rather than teaching 1000 directly. What if a business applies the same mechanism in marketing strategies? Yes, it is vital to …
Online advertising may be the biggest change in 20th-century marketing practices. Yet, the traditional advertising techniques hold equal importance. Businesses may have kept online marketing as their priority. However, that doesn’t mean they don’t pay heed to conventional advertising channels, e.g., out-of-home advertising. Even the industry giants such as Facebook, Coca-cola, Amazon, Netflix, etc., spend massive budgets on out-of-home advertising. …
