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The rural areas are where the markets of the future lie. Urban markets are becoming increasingly competitive and saturated for many products. On the other hand, rural markets offer growth opportunities for firms caught up in intensive battle in urban and metro markets. Marketing gurus describe rural markets as the market of the new millennium. […]
While organisational buying is best viewed as a decision process, the steps that make up the process differ across companies and products. Steps needed in a new task or modified re-buy decision may not be necessary in straight re-buy decisions. Over a period of time, each organisation evolves its own procedures for making purchase decisions. […]
Personal selling is an activity which involves a face-to-face interaction with the customers wherein there is a quick response and personal confrontation. This allows for more specific adjustment of the message. Here, the communication message can be adjusted as per the customer’s specific needs or wants. It offers you the opportunity to develop long-term familiarity […]
The following are some of the important strategies Joint ventures A joint venture is a strategic alliance where two or more parties, usually businesses, form a partnership to share markets, intellectual property, assets, knowledge, and profits. A joint venture differs from a merger, in the sense that there is no transfer of ownership in […]
The traditional orientation of branding suggests that brand name is a part of the brand consisting of words or letters that form a means to identify and distinguish a firm’s offer. A brand mark is the symbol or pictorial diagram that helps in the identification of the product. There are generic brand names that have […]
A marketing mix can be referred to as a planned mix of the controllable elements of a product’s marketing plan, commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination that serves the needs of the customers, while generating optimum income for the company is found. […]
Information systems (IS) and information technology (IT) are often considered synonymous. In reality, information technology is a subset of information systems. The perception that these terms can be used interchangeably can cause confusion for individuals interested in pursuing a technology-related career. Although both these fields deal with computers, they have distinct characteristics and specific career […]
The competitive strategy of a commercial firm is its long term competitive position, such as of being a low-cost player or a differentiator, which the firm adopts. A firm’s strategy is the set of activities it engages in as part of its long-term competitive goals. Strategies lead to operational goals and to tactics that the […]
Herbert Simon, the Nobel Prize winning researcher, showed that humans went through three essential stages in the act of problem solving. He called these the Intelligence, Design, and Choice stages. Decision making can also be considered as a type of problem solving. In the first stage, that of intelligence, they collect information about the issue […]
The following are those decision details Liquidity decision: The liquidity decision is concerned with the management of the current assets, which is a pre-requisite to long-term success of any business firm. This is also called as working capital decision. The main objective of the current assets management is the trade-off between profitability and liquidity, […]