What is Product Concept? The product concept of marketing lies in the idea that customers choose products that offer top-notch quality, performance, and features. This concept is crucial as it compels businesses to cater to customer demands effectively. While the focus is on product excellence, other business aspects like marketing, distribution, and customer service play … Read more
What is Labelling? Labelling is an essential aspect of product packaging, involving the attachment of informative tags or stickers to products or their packaging. These labels convey crucial details about the product and its manufacturer. Labelling serves to provide brand identification, describe the product’s contents, promote the product, categorize it into different grades, protect consumers … Read more
Factors Affecting Selection of Distribution Channel Distribution channel is a path through which the product reaches end consumers from the manufacturer or producer. Sometimes the product reaches directly from producer to consumer and sometimes through the middlemen such as retailers, wholesalers, etc. The efficiency and effectiveness of product delivery depend on what distribution channel you … Read more
What is Price Lining? Price lining, a marketing tactic, classifies products based on their unique characteristics and quality levels. This strategy offers customers a range of pricing options for comparable items, with costs typically increasing as product quality improves. It aims to boost a company’s sales by presenting various price points for similar products. The … Read more
What is a Product? A product is an item offered for sale that can be either a physical object or a service, fulfilling customers’ needs or desires. It encompasses tangible items like cars, phones, and appliances, as well as intangible offerings such as software and experiences. Products can be hybrids, combining physical and virtual elements. … Read more
What is a Marketing Philosophy? Marketing philosophy is a fundamental strategy that directs a company’s actions toward customers and goals. It’s a mindset guiding how a company engages with customers and achieves its objectives. This approach emphasizes different factors, such as product quality, aggressive selling, customer needs understanding, or a comprehensive perspective considering all elements. … Read more
What is a Market? A market is a gathering place where individuals come together to exchange goods and services. These participants, predominantly buyers, and sellers, can either interact face-to-face in physical settings like retail stores or engage virtually through online platforms. Key traits define a market, encompassing the presence of a space for exchange, involved … Read more