Functions of Packaging Packaging is the art and science of covering a product which makes it more attractive, and useable, and safeguards it as well. Product packaging plays a crucial role in promoting the products and making a significant impact on the successful marketing of the business. As such it serves a multitude of functions … Read more
What is Packaging? Packaging is the process of providing a protective covering to a product through containers or wrappers. Its primary role is to safeguard products during handling, storage, and transportation. Additionally, packaging serves as a means to convey crucial information like brand names, usage instructions, and expiration dates. Think of it as the “dress” … Read more
What is a Brand Equity? Brand equity means the extra value a brand name adds to a product. When people recognize a brand and trust it, they’re willing to pay more for its products. This happens because of positive feelings and beliefs about the brand. When a brand has good equity, it means customers like … Read more
What is a Brand? A brand is more than just a name or logo; it embodies a company’s essence. It is the culmination of qualities both within and beyond a product or service that distinguishes it from others. As per Philip Kotler’s definition, a brand is a name, term, symbol, or a blend of these … Read more
What is the Decline Stage in PLC? The decline stage in the product life cycle (PLC) is like the final chapter in a product’s story. At this point, sales drop significantly due to various reasons such as new technology, changing customer preferences, or strong competition. It’s the twilight phase where the product’s once-glorious journey starts … Read more
What is Maturity Stage in PLC? The maturity stage is the third phase of a product’s life cycle (PLC). At this point, the product experiences its peak sales, profits, and competition. It’s marked by fierce competition in the market as numerous companies offer similar products. Businesses often expand their product lines to cater to various … Read more
What is the Growth Stage in PLC? The growth stage in the product life cycle (PLC) marks a time of rapid expansion for a product. At this stage, more people learn about the product, leading to increased sales and profits. Customers’ choices become diverse, prompting companies to expand their product varieties. With growing demand, competition … Read more