The goal of any business or company is to develop a product or service and then launch it in the market. Today, we’ll be discussing various types of products with examples. Types of Products Marketers perceive products as something that they’re going to offer in the market. However, they categorize the products into two broad categories; consumer products and industrial …
What do you do when you see a saleable commodity, and it touches your heart? Or, you may have to buy something of significance. Generally, the purchase decision is a process that includes many steps such as product evaluation, product comparison, benefits analysis, etc. Let’s say you finally made a decision to purchase that specific product or service. You will …
One of the biggest challenges retailers have to face is how to use their brick-and-mortar stores effectively. That said, how can they use the available space in the best possible way. Retailers also need to be careful when it comes to product placement because putting your customer at ease is equally important. So, it is obvious that a retailer needs …
There are several misconceptions when we talk about business concepts. For instance, a lot of people think that revenue and profit are the same things. In reality, they are totally different; when you deduct expenses from revenue, you get your profit. Similarly, selling and marketing are also two very different terms. Here is another very interesting fact, there is also …
The continually growing competition in markets has pushed businesses to do something different. They can either sell their products/services by cutting their costs and then selling their products at lower prices. Or, they can reduce their profit margins by lowering their prices and maximize market penetration. There is another method that may be difficult to implement, but it is pretty …
Being an entrepreneur you to deal with many challenges and make small decisions, and those small decisive steps would determine the success of the organization. Like who to hire and when to share the responsibility, they may seem small steps. But they would impact maximizing your growth, sales, and pricing models. But when you have a product/service and ready to …
Personal selling was one of the leading techniques for a very long period in history. In fact, it won’t be wrong to say that it was probably the only form of product or service selling when business activities became common. However, globalization and the advent internet and social media have reduced personal selling to one of many selling and marketing …
Diversity is something fundamental in every aspect of life, let alone business. In fact, the business itself is a part of our lives. Diversity in business means if you are offering a product, how is it different from others? If you are offering services, how are they different from others? or how are your marketing tactics different from others? When …
Cost minimization is one core ingredient in any business’s objectives. Whether it is manufacturing cost, factory overheads, or marketing costs, businesses always look for cost-effective methods. Yes, traditional marketing strategies can consume big budgets, but there are many other inexpensive marketing strategies, such as piggyback marketing, that can help companies to convey their message cheaply. But what is piggyback marketing, …
