Principles of Insurance Insurance is a legal contract between the insurer (insurance company) and the insured (policyholder i.e. individual or a business). Understanding the principles of insurance and how these principles work can be beneficial for you in deciding whether or not you need the insurance contract or not. Further, these principles let you decide…
Products should be made as per the choices of the company or as per the choices of customers. What do you think about which choices (company or customers) should be prioritized while making products? Let’s find out what the marketing concept of marketing philosophies has to say about this. What is a Marketing Concept? The…
Daily one or many organizations are being established. They operate for a few years successfully but most are failing. In most cases, their failure is the result of the mismanagement of resources they have or inefficient management practices. Here, I will explain everything about management, what is it, what are its principles, levels, functions, and…
What is a Product? A product is any item that can be offered to people and has the ability to satisfy consumers’ needs and wants. It can be in tangible form as well as intangible form. Simply, a product means what we use or consume to satisfy our needs and wants. That can be food,…
Most businesses make mistakes when they try to sell products directly to customers i.e. they do not try to understand what the customers need, what they want, and what their preferences are. Today successful businesses are based on customer-focused marketing strategies. And, a business that does not consider the customer’s account would not sustain itself…
What is product Positioning? Product positioning is a marketing strategy companies use to create a unique image of their product in the mind of their target customers. Companies can create the position of their product in the consumer’s mind or marketplace in terms of product quality, price, status, durability, and other unique features. It aims…
What is Market Targeting? Market targeting is the process of selecting the best market segment from the available segments. The best market segment includes one that has greater opportunities and that matches your firm’s objectives and resources. Market targeting includes first segmenting the large market into different sub-markets, evaluating each of the market segments, and…
Pros and Cons of Market Segmentation Market segmentation includes dividing a market into different consumer groups based on the unique characteristics each group shares. The following are some pros and cons of market segmentation it can offer to your business. Pros of Market Segmentation The following are the main advantages of market segmentation. Helps To…
What is Behavioral Segmentation? Behavioral segmentation is a market segmentation strategy that groups customers based on behaviors customers show while buying and using products. The consumers buying patterns may include usage, brand loyalty, benefits sought, occasion-based, etc. Here, behavioral does not refer to a behavior of a person, instead, it refers to the consumer’s interactions…