The “4 Ps of Marketing Mix” refer to the four key elements comprising the process of marketing a product or service. They involve the marketing mix, which is a set of tools that a company uses to influence consumers into buying its product. The marketing mix addresses factors such as: Understanding the needs or desires […]
The marketing mix is a set of actions a business takes to build and market its product or service to its customers. A marketing mix is the set of those factors which a company can leverage to make the consumer purchase its products. As the term suggests, it is indeed a mix of many tactical marketing […]
Product VS Production Concept. The premise of the Production Concept holds that consumers will buy products that are cheaper and widely available. On the other, the product concept assumes consumers will buy the product that provides the most features. What is the production concept in marketing? The production concept is a subset of marketing concepts […]
The premise of the Production Concept is that the customers would always acquire products that are cheaper and more readily available (or widely available). It is the earliest concept of Marketing Philosophy. But due to its limitations, the uses of this concept have declined. What is the production concept in marketing? The production concept is […]
Marketing Myopia is a situation when companies concentrate on the product itself rather than the need it is going to satisfy. It can cause great hampers to businesses. So every company should thrive to avoid this problem. What is Marketing Myopia? The term “marketing myopia” was first coined by Theodor Levitt in a 1960 Harvard Business […]
In marketing, the premise of product concept is consumers will buy the product that provides the most features. Though it is of great importance but focusing excessively on adding features sometimes causes marketing myopia. It’s like looking in the mirror rather than through the window. What is Product Concept? The product concept holds that consumers […]
Marketing Concept VS Selling Concept. Marketing concept concentrates on the consumer’s needs and then the means are identified to meet out those needs. On the other hand, selling concept stresses on the needs of the seller and so, it is the seller who rules the market. What is Marketing Concept? The marketing concept holds- “achieving […]
The principle of marketing philosophy or marketing concept maintains that marketers must satisfy consumer needs effectively by making only those products that consumers are willing to buy. The marketing concept has evolved a lot over time. The marketing concept is the strategy firms implement to satisfy customers’ needs, increase sales, maximize profit, and beat the […]
Risk preference is the attitude of taking financial risks by an investor. An individual investor, while making an investment decision, would take risks according to his or her risk preferences. What is Risk Preference? Risk Preference is one’s tendency to choose either a risky or less risky option. Usually, economists and finance professionals, and investors apply […]
An investor can invest his surplus funds in different investment alternatives like shares, stocks, bonds, and debentures depending upon the investment environment, availability of funds, and expected rate of return considering the risk factors involved therein. The ultimate objective of an investor is to learn how to construct an optimal portfolio of investments. In order […]
