What is Consumer Buying Behavior? Any action taken by a buyer before making the purchase of the product or service is known as consumer buying behavior. It is also called a consumer buying decision. Consumers buy products mainly for consumption purposes. It is obvious that often we take many actions like asking friends, searching for…
What is Buyer Behavior? Buyer behavior refers to the actions and reactions buyers show while buying any product. Buyers’ actions and reaction largely depends on their personal factors and the nature of the product. Buyer behavior is commonly also known as consumer buying behavior. Knowing how and why consumers behave will help your business to…
What is Marketing Information System (MKIS)? A marketing information system, shortly called MKIS, is a system of collecting, analyzing, storing, and disseminating market information to marketing managers for making marketing decisions. MKIS is a systematic tool that aids marketing organizations in making effective marketing decisions. It collects data from both internal and external environments of…
Marketing Research Process Marketing research is the process of collecting and analyzing data to explore more about the current trends in the market. Marketing research includes specific inquiries into specific marketing problems. Good marketing research can offer companies good information about the target market, competitors’ positions, and probable opportunities and threats enabling companies to be…
What is Marketing Research? Marketing research is a process of collecting and analyzing market information to better understand the customers and aid in problem-solving. It is a systematic and scientific way of analyzing the market and gathering relevant information about the problem. The marketing research is objective in nature. It is the problem-focused approach. Companies…
It is obvious that no business organization is isolated. They operate in the environment. The factors of this environment affect the functioning of the organization. Some factors are within the organization whereas others are outside it and they affect the marketing activities of the firm. Both outside and inside factors make up the marketing environment…
What is Marketing Environment? The marketing environment can be defined as the combination of external and internal factors/components that have a direct and indirect influence on your company’s abilities to serve, build relationships with clients, and achieve desired marketing goals. Components of Marketing Environment Generally, types/components of the marketing environment are two – internal and…
I am sure you all have heard about the 4 Ps of marketing i.e. product, price, place, and promotion. Which are great pillars for achieving marketing goals. But, do you know about the 4 Cs of marketing, if you do not, you are going to… What are the 4 Cs of Marketing? The 4 Cs…
The 3 Ps of Marketing Mix The 3 Ps of the marketing mix is additional elements added to the original 4 Ps of the marketing mix. These 3 Ps include people, process, and physical evidence. While the previous 4 Ps apply to manufacturing businesses, these 3 Ps are relevant to service businesses. Due to the…