Definition of 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. They … 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
Definition of 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 buyers … 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
Definition of 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
Definition of 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