In the Marketing Category, we aim to provide reference notes on different topics of Marketing.
Objectives of Pricing In marketing, the objectives of pricing include three – profit-oriented objective, sales-oriented objective, and status-quo objective. Let’s define and understand each of them: Profit Oriented Objectives Profit-oriented objectives of pricing, as its name suggests, are set to increase the profit of the business firm. The following are the two objectives that come … Read more
Factors Affecting Product Pricing While setting the price (value) of a product, businesses have to consider various factors before coming to a pricing decision. The following are 10 key factors that affect product pricing in business: Costs Costs play a pivotal role in pricing decisions. These are the expenses a business incurs to produce and … Read more
Importance of Pricing Pricing is the process of setting a price (value) of a product upon which it is exchanged between sellers and buyers. The following are the 10 major importance of pricing in marketing: Revenue Generation Pricing is the cornerstone of revenue generation in marketing. It’s not just setting a number; it’s crafting a … Read more
Characteristics of Service A service is a benefit or satisfaction that we can not see but feel and has the ability to satisfy our needs. The following are the six key characteristics of service in marketing: Intangibility The first characteristic of service is, that it is intangible in nature. Intangibility in services refers to their … Read more
Product Vs. Service Modern marketing says that a product and service are the same – saying that a service comes within or as a product. However, there are various differences between them that can be pointed out. A product refers to a tangible item that can be touched and felt such as a mobile, laptop, … Read more
Difference Between Product Mix and Product Line Product mix and product line are two marketing terms that define the number of products a company has and sells. Product line refers to the group of similar products the company sells under one brand. And, product mix refers to the total number of product lines and items … Read more
What is Product Mix? Product Mix refers to the comprehensive assortment of product lines and individual items offered by a company to its customers. It is a fundamental element within the marketing mix, comprising various dimensions such as width, length, depth, and consistency. The width represents the number of product lines a company provides, while … Read more