Promotional MixIntroduction: Promotion, like any other element of the marketing mix, is very essential for successful marketing of a product/service. Promotion has to be given a little more importance in marketing services due to their intangible and tangible characteristic.Elements of the Promotion Mix: An organization should develop a promotional mix after careful analysis of the present and potential constraints, strength of the competition and their likely reaction, and the number of geographical areas to be covered by a communication programmer. The elements more...
Marketing EnvironmentAccording to Philip Kotler: "A companies" marketing environment consist of the factors and Forces outside ide marketing that Affect marketing management ability to build and maintain successful relationship with target costumer?.
New Product and DevelopmentIntroductionWhen a company finds itself in a situation where it may be advised to develop a new product, when the sales of the existing product is declining over the past few years. The fixed costs involved in developing a new product for a market are very high and failure in operating this service successfully can result in losses for the company. New product development is not an easy job. It is an extremely difficult and time consuming process. The role of marketing research in new product development is not as simple and straightforward as it may happen. more...
Consumer BehaviorAccording to Walter and Paul: Consumer behavior is the process whereby individuals decide whether, what, when, where, how and from whom to purchase goods and services".According to Kurtz and Boone: Consume behavior consists of the acts of individuals in obtaining and using goods and services, including the decision processes that precede and determine these acts. It is the decision making process and physical activity more...
Channel of DistributionAccording to Slant-on: "A channel of distribution for a product is the root taken by the title to the goods as they move from the producer to the ultimate consumer or industrial user".According to McCarthy: "Any sequence of institutions from the Producer to Consumer, including one or any number of middlemen, is called a Channel of Distribution.Channels of distribution are one of the most powerful and important more...
Pricing DecisionIntroductionAppropriate price of a product can be fixed by conducting extensive marketing research and through test marketing technique. The price policies serve as guideline to the marketing manager in price fixation. They provide the broad framework within which the management of a company administrates the prices in order to match market needs. However, there should be consistency in the pricing policies because frequent fluctuation in the pricing policies will adversely affect the long term interest of a company. Again this does not imply that there should be no periodical review of the pricing policies. more...
Marketing ResearchIntroductionMarket research is the process of systematic gathering, recording, and analyzing of data about customers, competitors, and the market. Market research can help create a business plan, launch a new product or service fine tune existing products and services, expand into new market etc. It can be used to determine which portion of the population will purchase the products services, based on variables like age, gender, location an income level. According to Philip Kotler: more...
Modern MarketingDefinitionAccording to "Philip Kotler: "Marketing is a social and management process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.According to American Marketing Association; more...
National IncomeNational Income·National income is the flow of with in goods and services produced in an economy in a particular period-a year National Income is denned as money measures of the net aggregates of all commodities and services accruing to the inhabitants of a community during a specific period. ·The concept of National income has been interpreted in three ways ?(a) National more...
Taxation in IndiaTaxes in India are levied by the three?tier government Central government, the State government and the Local government. The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the center and the state.An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law". Therefore each tax levied or collected has to be backed by an accompanying law, passed either by the parliament or the state legislature more...
