What is product life cycle?

By: | Tags:

Last updated: January 2017 Definition of the product life cycle The product life cycle is a very important topic in marketing literature. According to Lancaster & Reynolds (2004), the product life cycle refers to various stages a product goes through in its life from the time it is conceived to the time it is removed during the decline stage. It has four stages namely introduction (launch), growth, maturity and decline. What are the main stages of the product life cycle? The main stages of the product life cycle are as […]

READ MORE

What is Ansoff growth matrix?

By: | Tags:

Last updated: January 2017 What is Ansoff growth matrix? Ansoff growth matrix is an important planning tool that helps organisations determine their growth strategies. There are a number of growth strategies an organisation may pursue and Ansoff has outlined four of them. They are called market penetration, market development, product development and diversification. Who is Ansoff? Harry Igor Ansoff was born in 1918 and passed away in 2002. He was a Russian American mathematician. He is one of the greatest thinkers in strategic management. Many would argue that he is […]

READ MORE

SWOT analysis of SUBWAY

By: | Tags:

Last updated: January 2017 SWOT analysis is one of the tools which many strategic planners find very useful to analyse business environment. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors (Needham et al, 1995). The discussion that follows includes an analysis of SUBWAY’s business environment by using SWOT model: SUBWAY is an American fast food restaurant. The business has adopted franchising as its growth model. It sells submarine sandwiches (subs) and salads. Tea, coffee, and a variety of […]

READ MORE

Differences between CPM and CPC

By: | Tags:

Last updated: December 2016 Companies (advertisers) run online advertising campaigns to create brand awareness and persuade customers to purchase their products and services. There are a variety of methods which advertisers can chose with regards to how to pay for the campaigns. Two most widely used methods are called CPC and CPM. Advertisers usually run their ad campaigns through ad networks. Ad networks use the websites and the blogs of their registered publishers to run the campaigns. The discussion that follows touches on the definitions of both CPC and CPM […]

READ MORE

Strategic planning process

By: | Tags:

Last updated: November 2016 What is strategic planning? Strategic planning is an important topic in strategic management. Organisations engage in strategic planning in order to develop, implement and evaluate their strategies. Strategic planning refers to the decision-making and planning process that guides the long-term direction of an organisation (Plunkett & Attner, 1994). The steps in strategic planning process Different writers have identified different stages in strategic planning. For example, Plunkett & Attner (1994) identified six stages which had subsequently been followed by many writers. The discussion that follows will focus […]

READ MORE

Different techniques of sales promotion

By: | Tags:

Last updated: November 2016 Different techniques of sales promotion Different techniques of sales promotion. There is no doubt that competition is very intense almost in all industries. In such situations, marketers apply different techniques to persuade customers to purchase their products and services. Sales promotion is one of those techniques. When used appropriately in line with other elements of the marketing mix, sales promotion can turn out to be very effective in acquisition of new customers and retention of the existing ones. What is sales promotion? According to the Institute […]

READ MORE

Marketing mix- The additional elements

By: | Tags:

Last updated: November 2016 Image: Pixabay A brief history of the marketing mix A number of writers have contributed to the development of the concept of marketing mix. The term marketing mix was first used by Neil Borden back in 1949. However, it is widely accepted that Edmund Jerome McCarthy, a marketing professor at the Michigan State University, is the architect of the first 4Ps of the marketing Mix. Booms and Binter have built on the work of McCarthy and suggested an extension of the mix in 1981 making it […]

READ MORE

Decision making unit (DMU)

By: | Tags:

Last updated: November 2016 Image: Pixabay Decision Making Unit (DMU) Decision Making Unit. Business decisions are usually taken collectively. A number of people may be involved in the decision-making process and not necessarily, everyone will have the same power. Someone is the most influential, whereas someone is the least. This piece of information is very useful from a supplier’s point of view. According to Kotler & Armstrong (2009), the decision making unit of a buying organisation is called its buying centre. It includes all the individuals and units that play […]

READ MORE

Marketing key role

By: | Tags:

Last updated: October 2016 Image: Pixabay Marketing Key Role: Marketing is a very important business function. It is extremely difficult (if not impossible) for a company to survive in today’s fiercely competitive business world without implementing appropriate and effective marketing strategies. In fact, no marketing equals to no business. What is marketing? The Chartered Institute of Marketing defines marketing as the management process responsible for identifying, anticipating and satisfying customer requirements profitably. The marketing key roles function Marketing plays a number of important roles in business. Market research, product development, […]

READ MORE

What is the impact of a weaker Pound?

By: | Tags:

Last updated: October 2016 What is the impact of a weaker Pound? The value of the Pound has recently suffered a sharp fall. The result of the EU referendum has largely been blamed for that. Regardless of who or what to blame, it is certain that this fall in the Pound will have a significant impact not only on the UK companies and consumers, but also on those outside the United Kingdom. The British consumers will pay higher prices for imported goods like clothes, food, petrol, electrical goods and many […]

READ MORE