Product Development

This is the creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market Factors Hindering New product Development Fragmented Markets. […]

Advantages of Branding

Branding is the process of identifying a product with a name or image that communicates the qualities and benefits of a product to customers and prospects. A strong brand creates a personality for the product and differentiates a product from competitors. Branding plays an important role in the demand promotion process. The use of a […]

Branding

I can define Branding is the process of identifying a product with a name or image that communicates the qualities and benefits of a product to customers and prospects. A strong brand creates a personality for the product and differentiates a product from competitors. A Brand is a name, term, sign, symbol, design or a […]

Strategic Market Management

It is motivated by the assumption that the planning cycle is inadequate to deal with the rapid rate of change that can occur in a firm’s external environment. Recognition of the demands of a rapidly changing environment has stimulated the development or increased use of methods systems and options that are responsive. Strategic Market Management […]

Effective Market Segmentation

When a market is effectively segmented, less resources are put in place hence culminating into profitability to the firms.   For Market Segmentation to be effective, the following conditions are necessary. The market segment must be; Measurable The size and buying power of the segment should be measurable. This will enable the marketer to assess the […]

Evaluating Market Segment

Firms are developed for purposes of growth and profitability. Market segments are therefore established. Before establishing a market segment there are three main factors to consider in evaluating the same; Segment Size and Growth. Marketers will want to find out whether a potential segment has the right size and its growth characteristics. Large companies prefer […]

Market Segment Selection Pattern

Having evaluated different segments, a company can consider from several patterns of target market selection. Single Segment Concentration. By adopting this pattern, a firm concentrates on a single segment for exploitation for example Subaru car manufacturers concentrate on small car market. If a firm captures leadership in a given segment it can earn high return […]

Market Segmentation

Market segmentation is the subdivision of a market into small homogeneous sub-markets which an organization can successfully satisfy. I have  subdivided the market into four basis as follows; Demographic Basis This consists of dividing the market into groups on the basis of certain demographic variables. Age Consumers needs and wants change with age. A variety of […]

Marketing Management

It is the process of planning and executing concepts, pricing, promotion and distribution of goods, services and ideas to create exchanges with target customers that satisfy customers and achieve organizational objectives. I have five Marketing Management Concepts through which organizations’ goals can be achieved. Production Marketing Concept This concept holds that the consumer will favor […]

Marketing

Marketing has been defined in so many ways depending on the product or services being offered. Here are  two ways as to how I define marketing. It is a social and managerial process through which groups and individuals obtain what they need and want through exchanging goods of value with others. It is the performance […]