Product Lifecycle and Market Segmentation Strategies
Product Lifecycle Stages
Like human beings, products have a lifecycle, a period in which they are introduced, grow, mature, and eventually decline. The duration of this lifecycle varies greatly depending on the product’s nature.
Introduction or Release Stage
This stage involves launching a new product, which can be entirely novel or an innovation based on existing products. As the product is largely unknown, sales are low and growth is slow.
Growth Stage
After the initial stage, the product gains recognition,
Read MoreUnderstanding Marketing: Segmentation, Research & the Mix
Understanding Marketing Fundamentals
Marketing is the discipline that studies the exchange between the market and the customer. The business offers the customer a good or a service and in return receives something, usually payment. It is mutually beneficial because both sides gain something. It aims to identify and anticipate customer needs and to delight the customer. The purpose of marketing is to match the abilities and strengths of the business to the needs of the market.
Marketing Objectives
Sales
Read MoreEffective Corporate Communication and Brand Building
Corporate Communication Fundamentals
Corporate communication is a set of activities involved in managing and organizing internal and external communications to create a favourable point of view among stakeholders. It’s an integrative communication structure that links stakeholders to the organization. Companies aim to create a positive corporate image using messages, behaviours, and symbols to build a reputation aligned with their corporate identity.
The corporate identity influences perceptions
Read MoreConsumer Segmentation: STP, VALS, and Family Life Cycle
Consumer Segmentation: STP
The STP (Segmentation, Targeting, Positioning) concept is a strategic approach to identify and reach specific customer groups. Here’s how it works:
Segmentation
Segmentation involves dividing the broader market into smaller, distinct groups of consumers with similar needs or characteristics. The main criteria used for segmentation are:
- Demographic Segmentation: Based on age, gender, income, education, occupation, etc.
- Geographic Segmentation: Based on location such as country,
Understanding ERP and TPS: Systems, Components, Advantages, and Implementation
ERP
What is an ERP System?
Q. Define an ERP System: An Enterprise System is a set of integrated programs that manage a company’s vital business operations for an entire multisite, global organization. An ERP system provides a competitive advantage. It integrates the entire business processes and functions, including integrating the entire multisite of an organization. It also provides real-time monitoring of business processes, functions, and all the business sites. Integration is proved by a single
Read MoreEffective Advertising: Strategies and Message Design
Advertising is a technique that informs the public about a product or service through various media channels to motivate consumer action.
Reciprocity is a common form of exchange in societies, operating outside of market economies. It exists in all cultures, as virtually all human beings live in societies and possess some goods or services to exchange.
Propaganda involves launching a series of messages designed to influence citizens’ values and behavior.
The Essence of Advertising: Capturing Attention
Advertising