If a company wants to have the maximum benefit from the marketing and sales efforts, it must segment its customers. Most businesses are not aware of the benefits of marketing segmentation. But if they do so, they will be able to convert prospects into customers and then into loyal customers. What is Behavioral Segmentation? Behavioral segmentation is a strategy that …
We’re living in a time where businesses and companies are developing policies and organizational structures to decide what suit their interest. When a tough time hits the trades, businesses cut down the business’s redundant departments to ensure financial stability and profitability to the company. Today we’ll discuss retrenchment strategy, its meaning, and types with examples. What is Retrenchment Strategy? Retrenchment …
Businesses always try to facilitate their customers as much as possible. For instance, online/non-store retailing allows customers to buy a product without physically going to any brick-and-mortar store. It not only saves their time but is easy and convenient as well. Apart from online retailing, businesses facilitate their customers or even potential customers with direct marketing. That is, rather than …
The retail industry is the oldest but still a common form of business. Traditional retailing involves selling products at a physical (brick and mortar) store. Common examples include franchises, hypermarkets, supermarkets, malls, etc. However, the advent and the evolution of the internet has also revolutionized business practices. New business concepts have evolved with time, and selling products without a traditional …
As we know that the world of business is full of competition and competitors. Businesses and companies always look for new opportunities and ideas to gain a competitive advantage over competitors and win the customers’ market share. Today, we’re going to discuss the concept of making the first move in terms of getting a competitive edge. What is First Mover …
Promotional emails are personalized-marketing tools like advertisements, banners, pamphlets, etc. The difference is that they use a direct tone of the message to the readers. The direct approach helps companies and businesses to promote their products and services and increase sales. Today, we’ll discuss promotional email, its types, examples, and how to write a successful promotional email. What is a …
Businesses and companies can’t avoid competitors and competition. It can happen at any time. They would take away your market share and database of customers. Even a small change in market share could greatly impact small businesses. Therefore, businesses should follow the defensive strategy to defend their market share. What is Defensive Strategy? A defensive strategy is a marketing tool …
It doesn’t matter whatever your field of business is, there would always be competitors. A very few companies have the advantage of monopoly. As a business person and a marketer, your plan is always to have a competitive advantage. Today, we’ll discuss offensive strategy, its types, and example. What is Offensive Strategy? An offensive strategy is when a business takes …
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 Cost leadership strategy Focus strategy Firms with a cost …
Tesla Motors is an electric vehicle manufacturing American company. Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, and Marc Tarpenning founded Tesla Motors in July 2003. The headquarter of the brand is located in Palo Alto, California. Tesla was a startup in Silicon Valley. The mystery behind the name of Tesla is a symbol of paying respect and tribute to …
