The Big Five personality qualities and the appropriate vocations for each are: 2. Conscientiousness: Demonstrates self-discipline and a desire for order. Careers that fit well include: 3. Extroverts are action-oriented and prefer social engagement. They may thrive as follows: 4. Agreeableness: Demonstrates consideration and cooperation. Agreeable individuals may find fulfillment in roles such as elementary […]
Read More• Core Product: the service or benefit the customer is buying • Generic Product: A Product consists of the basic features of the product • Expected Product: An expected product is a set of attributes and conditions that buyers normally expect when they purchase the product. • Augmented Product: The tangible component of the product, […]
Read MoreNew Product Development Process To stay successful amid maturing products, companies must acquire new ones through a carefully executed new product development process. However, the challenge lies in the fact that the odds heavily favor success. Out of thousands of products entering the process, only a handful make it to the market. Therefore, understanding consumers, […]
Read MoreThe Product Life Cycle (PLC) comprises four distinct stages: Introduction, Growth, Maturity, and Decline. Specific product life cycle strategies are associated with each stage, and understanding which strategies to apply at each phase is crucial for effective PLC management. 1. Introduction Stage: Characteristics: The product is newly launched, and distribution is limited. Sales growth […]
Read MoreA product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. Understanding the concept of a product is fundamental for marketers, as it plays a central role in the marketing mix. Each of these plays a […]
Read MoreCultural Factors: Culture plays a significant role in shaping consumer behavior. In India, a diverse and culturally rich country, preferences vary across regions. For instance, the attire worn during festivals differs in North India (where people wear traditional clothes like lehenga and kurta) compared to South India (where sarees and dhotis are more prevalent). Within […]
Read More3. Consumer Buying Behavior Consumer buying behavior involves the stages consumers go through before, during, and after making a purchase. Philip Kotler outlines the following stages: The consumer buying process comprises several stages, each influencing the purchasing decision. Understanding these stages is essential for marketers aiming to connect with consumers effectively. Here’s an explanation […]
Read MoreConsumer Behavior Meaning: Definition by Philip Kotler: Consumer behavior refers to the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires. Importance: Understanding consumer behavior is crucial for marketers to design effective marketing strategies, create products that meet consumer needs, […]
Read MoreThe role of marketing in economic development is pivotal, contributing significantly to a nation’s overall growth and progress. Below are key aspects of the role of marketing in economic development and its applicability in Indian conditions: 1. Market Expansion: Role: Marketing facilitates the expansion of markets by connecting producers with consumers. It ensures that […]
Read MorePositioning strategies as per Philip Kotler: Positioning, as defined by Philip Kotler, refers to the process of creating an image or identity in the minds of the target market for a product, brand, or organization. It involves establishing a distinct and desirable place in the market that differentiates the offering from competitors. Here are some […]
Read More