During the period of WW2, the industry was producing machine guns, weapons, and other wartime equipment. When the war finished, the industrialists changed their focus to consumer goods. They maintained the same pace of production as of the wartime in the 50s. Consequently, the supplies exceeded the demand in the market. Now businesses and companies had a great challenge and …
In the manufacturing industry, the concept of ‘product’ once meant that all the processes would take place under a single company’s banner. This process had a lot of advantages as it reduced the manufacturing cost and reliance on others. But over time, the manufacturing concept has undergone multiple changes adding to the benefit of the multinational organizations. Today, the product …
The Macro environment tends to focus on the broader issues of the business like the economy, socio-cultural environment, laws and regulations, technology, and politics. Economics is going to be the main area of interest when we speak of business. But it doesn’t mean we can ignore other macro-environmental factors, all of those factors are equally important. In simple words, we …
The digital age of the internet and the World Wide Web has transformed and computerized everything. The traditional marketing concept, strategies, and processes have shifted into e-marketing. Marketing over the internet or e-marketing involves more advanced and sophisticated tools. They provide easy access to the analytics and data, so the marketers could align their marketing and business strategies along with …
Studying consumer behavior is very important for businesses and marketers, and their business strategy relies on reports of consumer behavior. As we know that the consumer is the person who consumes or uses the goods and services, and the customer is the person who buys from the retail store. In the customer vs. consumer article, we have had a detailed …
What is the purpose of doing a business? One common and logical answer is, PROFIT and this answer is not wrong by any means. When we think about business, the first thing comes in our mind is profit, but does that mean it is that easy to start a business and profits will follow? No, it doesn’t work that way, …
Many people use the two terms “consumer” and “customer” interchangeably and they think it’s the same thing. But they have different meanings from the marketing point of view. Especially if you want to be accurate and convey the precise message, then you have to choose the right word it. Today we’ll discuss “customer” and “consumer” and how these two terms …
Many people consider “consumer” and “customer” the same thing. They may be the same thing in a figure of speech, but they’ve completely different meanings from the marketing point of view. The reason people usually misinterpret the two terms is that they both refer to the same person. But when it comes to definition and interpretation, they’re completely different. Today, …
Strategic planning is one of the core ingredients of a successful business. The primary objectives of any business include profits as well as market penetration and market growth. Apart from a good marketing strategy and quality products/services, a competitive pricing strategy is equally important. Introducing low-priced products or reducing current prices to have a better market reach is a fine …
In the online world, you must have come across some book, application, or tune that you like. But the owner requires you to pay a certain amount to use it and you’ve made the payment for it. Marketers call it micropayment in the e-commerce world. A micropayment is a minimum amount that you have to pay to use the product/service. …
