Imagine you want to be, let’s say, a detergent manufacturer, and there are thousands of other detergents in the market. Why do you think customers will buy your detergent from a cluster of “million options”? However, if your detergent has unique features that can give your customers unique benefits, then that is a different story. People don’t want to buy …
The goal of any business or company is to develop a product or service and then launch it in the market. Today, we’ll be discussing various types of products with examples. Types of Products Marketers perceive products as something that they’re going to offer in the market. However, they categorize the products into two broad categories; consumer products and industrial …
What do you do when you see a saleable commodity, and it touches your heart? Or, you may have to buy something of significance. Generally, the purchase decision is a process that includes many steps such as product evaluation, product comparison, benefits analysis, etc. Let’s say you finally made a decision to purchase that specific product or service. You will …
One of the biggest challenges retailers have to face is how to use their brick-and-mortar stores effectively. That said, how can they use the available space in the best possible way. Retailers also need to be careful when it comes to product placement because putting your customer at ease is equally important. So, it is obvious that a retailer needs …
There are several misconceptions when we talk about business concepts. For instance, a lot of people think that revenue and profit are the same things. In reality, they are totally different; when you deduct expenses from revenue, you get your profit. Similarly, selling and marketing are also two very different terms. Here is another very interesting fact, there is also …
The focus of many entrepreneurs and new businesses is to grow and increase their revenue. However, they rarely think of the contingency plan that how they would close down their business if things don’t work out. Today, we’ll be discussing business exit strategy, its types, and importance; What is Business Exit Strategy? A business exit strategy is when you strategically …
When you came into this world, you were given a name. As you grew older and started developing some traits and characteristics, your name became more “popular.” Then, you hit your professional life and started showing your skills; your name got the fame. So, what did that name do? Actually, it was not just that name; it was about the …
Studying the market trends and the competition level is important for businesses because it helps them to lay out their future strategies. Therefore, they use various tools and methods to achieve their goals. Industry analysis is the same process. Today, we’ll discuss industry analysis, its types, examples, and guide. What is Industry Analysis? Industry analysis is a market evaluation tool …
The business world has become very competitive in recent years. The information has become accessible to everyone but finding the right, exact, and precise information matching your needs and wishes is a difficult task. That’s why entrepreneurs and brands ask for ideas and input from customers to come up with something new. Today, we’ll talk about co-creation, its types, and …
