Clearly no two products are exactly alike and therefore each merits a unique marketing strategy. However, certain products carry similar characteristics in terms of price level, similarity between competing brands, and the way consumers approach them in the buying process. It is often useful to group these similar products into categories in order to help Read More…
One of the most crucial aspects of developing a marketing strategy is determining an approach to pricing. A company could have a great product and a fantastic promotion campaign, but could still fail if the price isn’t right for customers. On one hand, high prices could repel value-seeking consumers and could result in poor sales Read More…
Humans and animals have standard life cycles—a series of stages of living that each passes through before death. For people, these phases could include infancy, childhood, adolescence, adulthood, and retirement. Products also move through a series of phases throughout the duration of their lives called the “product life cycle”. The four stages included in the Read More…
Every firm needs capital to purchase assets like inventory, land, and equipment. They also need cash to help manage expenses such as paying employees. How do companies raise the money they need to run their businesses? The answer is through a mix of liabilities (borrowing money) and equity (selling shares of ownership of the company). Read More…
Facets of Assets How much is someone worth? One way to think about it could be to add up assets, or everything a person owns that holds financial value. First, think of everyday items like cash, a car, a computer, and perhaps money stored in a savings or investment account. However, there are some less Read More…
Every year or two, most of us go to the doctor’s office to receive a check-up on the state of our physical health. The doctor typically checks several measurements (height, weight, blood pressure, etc.) in order to gauge how our health has progressed over the past year. They can then use their results to determine Read More…