What is Enlightened Marketing?Enlightened Marketing's concept is founded on the crucial factor that a company's marketing should evaluate the marketing system's optimal long-term performance. Enlightened marketing prioritises the customer's impression of the product; avoid exhausted approaches; examine the social impact; pass on the true value for the price; and demonstrate that the company is as socially responsible as it is profitable. This is the belief that a company's marketing system should be customer-centric, innovative, and societally beneficial, as well as give long-term value and be founded on a sense of commitment or mission.What are the 5 Principles of Enlightened Marketing?Enlightened ... Read More

What is Consumer Behavior?Consumer behaviour is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions.Engel, Blackwell, and Mansard define consumer behaviour as “…the actions and decision processes of people who purchase goods and services for personal consumption.”Factors Affecting Consumer BehaviorConsumer Behaviour is influenced by many different factors. The five major factors that influence consumer behaviour are as follows −Psychological FactorsHuman psychology plays a major role in understanding ... Read More

Definition: Porter’s Generic StrategiesBusiness plans are beneficial in assisting your company's success. Depending on your company's demands, you can use a variety of tactics. In his corporate planning and strategizing book, “Competitive Advantage: Creating and Sustaining Superior Performance, ” Harvard professor Michael Porter coined the term “generic competitive strategies or GCS.” Porter's generic competitive strategy is a framework for planning your company's strategic direction and getting a competitive advantage over your competitors.Cost leadership, differentiation, and focus are the three generic techniques that make up GCS. A business might choose between two sorts of competitive advantages.For example, they could opt to ... Read More

Marketing has almost always been an integral part of businesses, and marketing techniques used by organisations are continuously evolving. An effective marketing strategy will be based on careful marketing research and understanding the target audience.Types of Marketing: Based on Target AudienceMarketing can broadly be classified into two categories − Business to Business (B2B) and Business to Consumers (B2C).Let’s take a quick look at these two.B2C MarketingAs mentioned earlier, B2C marketing stands for "business to consumer." This means that the target audience is a direct consumer of the product or service. The sales cycle for a B2C product is directly dependent ... Read More

Definition: Global MarketingBusinesses often market their products locally. However, foreign items have been regularly launched in various markets throughout history. Salespeople have modified, updated, or revised their techniques to establish themselves in the local market.Global marketing is defined as "marketing on a global scale, in different nations, reconciling or taking economic advantage of global operational differences, similarities, and possibilities in order to fulfil global objectives." In simple words, when a company sells the same products worldwide, it is called Global Marketing.Examples - The Samsung Galaxy S series is an excellent example of global marketing because it is distributed internationally and ... Read More

The American Management Association defines government markets as, “…one which includes purchases by governmental units-federal, state, and local-that procure or rent goods and services in carrying out the main functions of the government.” Likewise, institutional markets can be defined as, “…a market consisting of schools, universities, hospitals, charities, clubs, and similar organisations which buy goods and services for use in the production of their own goods and services.”Institutional and government markets constitute a not-for-profit market with the primary objective of the general welfare of the people. Low budgets and captive patrons characterize such markets. Companies catering to institutional markets, establish ... Read More

What is Social Impact Marketing?Social impact marketing is a strategy where businesses play an active role in the community, above and beyond their core mission as a business. In social impact marketing, a company/brand actively advocates for change, or to advance a specific cause. At this point, the brand functions as a member of society and not just as a provider of products and services.Social impact marketing is linked to the idea of corporate social responsibility. Simply put, before a company can credibly work for change, it must first embrace its principles in its whole business. For example, a popular ... Read More

What is Marketing?The American Marketing Association (AMA) defines marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. Over the years, marketing has transformed from being print and TV media-dependent to relying more on the internet because of the reach and scope of the latter. The primary objective of marketing is to take a product or service, identify the ideal/target customers or consumers, and draw their attention towards the product/service.The overall marketing strategy depends on consumers’ perception or understanding of the product, quality, durability, availability, ... Read More

Definition: Marketing MixThe Harvard Business Review defines marketing mix as, “the tool kit that marketers use to do their job, and it has four elements.” Marketing Mix combines four crucial pillars of any marketing strategy, which includes Product, Price, Place, and Promotion. Larger companies need to implement this concept, and, perhaps with a little more importance, the smaller companies need to do the same.What are the 4 Ps in Marketing Mix?The 4 Ps in Marketing Mix-Price, Promotion, Product and Place-to develop an effective marketing strategy was first introduced by Prof. E. Jerome McCarthy in 1960. Based on the industry and ... Read More

What is a Demand in Market?Demand is an economic principle that refers to the desire of consumers to buy a product or avail a service from the market by paying a price. In simpler words, market demand is the demand or need for a product or service in the market. The more the demand for a product, the more is its supply The more a product generates revenue, the more is its demand in marketing.However, there is no direct connection between the price of a product and its demand. A product’s price is determined by the elasticity of demand, the ... Read More