Since the era of modern-day arrival, companies have been forced to apply different management and marketing practices to beat the competition and earn profits. Do you think sticking to one marketing concept/philosophy gives better results? Due to competition choosing the right marketing concepts or philosophies has been a challenging task for marketers today. Here, I…
The product we buy is an actual product as well as an augmented product but these products are made up of a core product. Whenever a consumer buys a product he buys an either actual or augmented product. So, where the core product stays? Let’s find out what it is, why it is important, and…
What is an Augmented Product? An augmented product is the addition of additional features to the actual product to provide extra value to consumers. It is also called extended product or product augmentation. These additional features can be provided in the form of discounts, free delivery, warranties, refunds, and so on. The main objective of…
What is an Actual Product? An actual product is a physical or tangible product that is ready to use. It is the product consumers can hold in their hands when they purchase. Through actual products, consumers get the core benefits of the product. For example, if you seek actual benefits from a product in writing,…
Line Vs. Functional Organizational Structure Line and functional organizational structures are two types of organizational structures used in management practice. The line structure is one that has a clear line of authority that flows from top to bottom. And, the functional organizational structure is one that creates different departments depending upon the nature and type…
Who do you think is a person of a company who passes the information about its products or services to people? Is it a marketer? Let’s find out. What is a Marketer? Or, Who is a Marketer? A marketer is a person who is responsible for passing information about a company’s products to people, influencing…
Do you think companies have to contribute to society, think, and act upon the welfare of society? Or, their goal should be just achieving profit maximization? Let’s find out what the social responsibility of business has to say about this. What is Social Responsibility? Social responsibility means that businesses in the course of achieving organizational…
The product itself is not identifiable about what it is, who made it, what benefits it provides, etc. Labelling has an important role in making the product more recognizable and identifiable. Let’s understand what labelling is, its types, functions, and importance. What is Labelling? A label is any tag or identification mark attached to a…
For the productivity and greater performance of the organization efficient management of employees and other resources is essential. MBO works as a strategic tool to align employees’ and management efforts and goals in the same direction. Management By Objectives (MBO) is similar to participative management but it is more than that. Let’s discuss what the…