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
What is PESTLE Analysis? PESTLE analysis, also known as PEST analysis, is a vital tool in marketing. It helps organizations understand and monitor external factors influencing their operations. The acronym PESTLE represents Political, Economic, Social, Technological, Legal, and Environmental aspects. It offers a panoramic view of the business environment, aiding strategic decisions. By scrutinizing these … Read more
What is FMCG? Fast-Moving Consumer Goods (FMCG), also known as Consumer Packaged Goods (CPG), are everyday products in high demand and sell quickly. These goods, including items like food, toiletries, cleaning supplies, and more, are an essential part of our daily lives. FMCG products are characterized by their low cost, rapid consumption, and frequent purchase. … Read more
What is STP Marketing? STP marketing, short for Segmentation, Targeting, and Positioning, is a fundamental strategy in modern marketing. It streamlines communication by focusing on commercial efficiency. This model involves breaking down your market, pinpointing valuable segments, and tailoring marketing and product positioning for each. In essence, STP marketing means: This approach lets you analyze … Read more
What is Product Life Cycle (PLC)? The product life cycle (PLC) represents a product’s journey from its market debut to its eventual removal. It consists of four main phases: introduction, growth, maturity, and decline. In essence, it’s like a roadmap for a product’s evolution. A product is new to the market during the introduction phase, … Read more
What is Service? Service in marketing refers to intangible activities, benefits, or satisfactions offered for sale or provided alongside goods. Unlike physical products, services lack a tangible presence; you can’t touch, taste, or store them. They’re diverse and unique, varying from one provider to another, making each service experience different. Once consumed, services can’t be … Read more
Pricing Definition: Pricing in marketing refers to the process of setting the value (price) at which a manufacturer or business will exchange its goods and services with customers. It’s a crucial element of the marketing mix that directly impacts a company’s revenue. Unlike other elements of the marketing mix, such as product features or distribution … Read more