The idea of the marketing concept is to find out the needs and wants of customers, and then try to satisfy them better than competitors. Nowadays, most businesses and companies follow this ideology, but it hasn’t been the same in the past. The main points of the marketing concept are; Finding the right target market Trying to understand the needs …
Product is any piece of thing or an item that you purchase it from the market in the exchange of cash or any monetary item. A product comprises of many things like furniture, computer, table, chair, house, electronic gadgets, etc. Product is something that people can buy and sell in the exchange of money when money circulates in the society …
Price Lining Definition Price lining also goes by the name of product line pricing. It’s a process of marketing strategy where businesses and retailers set different prices of the same products but have different features, degrees, characteristics, and attributes. In other words, it’s the process of categorizing the same product with different prices, as the attributes and features of the …
What is Brand Recognition? Brand recognition is when customers can recognize the brand logo, design, and advertise, tagline or the packaging of a certain product or service. Audio/video theme songs or jingle tunes also assist in the process of brand recognition. Companies and brands should have a consistency in their audio/video marketing campaign and advertisement. It would create a knowledge …
Introduction Norway or the Kingdom of Norway is a country situated in the northwest of Europe; she is one of the Scandinavian countries like Sweden and Denmark. Norway shares the border with Denmark, Russian, Sweden, and Finland. The climate of the country is cold and freezing throughout the year. She is a quiet and peaceful country with beautiful landscape, especially …
SWOT Analysis is a very simple yet effective business analysis tool. When we look at the SWOT, actually we define Strengths, Weaknesses, Opportunities and Threats of a company or a project. The basic aim of doing SWOT Analyses of a company is to closely analyze how its operations are aligned with the overall objectives. The main question you should answer …
What is SWOT Analysis? SWOT analysis also (SWOT Matrix) is a strategic tool that is comprised of organizational strengths, weaknesses, opportunities, and threats. The purpose of the swot analysis is not only to understand the internal strengths and weaknesses of a company but also external opportunities and threats that the business could take advantage of and it should avoid. When …
Introduction Coronavirus (COVID-19) Coronavirus is the family name for a group of viruses that causes and starts from ordinary common cold to Middle East and severe acute respiratory syndrome, MERS-Cov, and SARS-Cov respectively. The thing to understand about Coronavirus that it is zoonotic, and it moves and transfers between humans and animals; sometimes it only circulates among animals without affecting …
Companies and businesses use different types of pricing strategies, Cost-Plus Pricing is one of the simple yet effective strategies. However, it means adding the original cost of the product plus overhead expenses like labor cost, transportation cost, rent, and a profit margin or the markup. When you add all of these costs together, then it’ll be a cost-plus pricing strategy. …
Hotels and restaurants provide services like traditional food, fast food, drinks, coffee, and accommodation. We have to agree on one thing that hotels and restaurants are a very successful business and they play a very important role in the economy of a country. However, if you’re planning to invest in this business and you want the bank to back you …
