SWOT – Marketing Analysis

One of the most popular tools used for business strategic planning is the SWOT analysis. A SWOT analysis means evaluating your company’s: Strengths Weaknesses Opportunities Threats Let’s take a closer look: Opportunities are areas of buyer need where your company can perform profitably. The best opportunities are the ones that are relatively easy for the […]

Product Life Cycle

Products rarely, if ever, sell well forever. As your product, market, and customers change over time, so should your company’s differentiating and positioning strategy. To better manage a product over it’s lifespan, it’s important for managers and business people to understand the basics of what a product life cycle is. The Concept of the Product […]

How to Write a Marketing Survey

Marketing surveys are useful tools because they can help you gather information to make more informed business decisions. How big is your target market? Will the product you’re considering launching appeal to your current customers? What are the attitudes of your customers about your company or product(s)? Surveys can help you answer these and other […]

Claiming Your Domain Name

First Things First, What is a Domain Name? A “domain name” is a fancy term which simply refers to what you see in your web browser’s address bar when you visit website. Examples include “google.com”, “greenpeace.org” and our favorite website address, you guessed it, “helpsme.com”. A domain name identifies a location on the Internet where […]

Branding

Branding decisions are important to company strategy and a powerful product differentiation tool. Some companies brand individual products separately while others build company brands that span their entire product lines. But what exactly is a brand? Definition of a brand The American Marketing Association defines a brand as: “A name, term, design, symbol, or any […]

Stand Out From the Competition

What makes your offering different from the rest? What can you do to stand out from the pack? This article deals with the concept of product differentiation. It’s a topic relevant to all businesses and a core marketing concept. Depending on the industry and product offering, varying degrees of differentiation are possible. At one extreme, […]

Dealing with Competitors

The Concept of Competition Competitors, as it relates to marketing, are companies that satisfy the same customer need or want. Someone in the market for a car wants “a means of transportation” – subways, buses, bicycles can meet that need. From a marketing perspective, the concept of competition involves a broad set of potential and […]

Raising and Lowering Prices

In this article, we turn our attention to situations where price changes might be needed and how to manage these changes. Raising Prices Successful price increases are can increase profitability significantly. This is especially true if profit margins are low. Let’s look at a simple example to illustrate. Below we show how a 1% price […]

Promotional Pricing

Promotional pricing can help stimulate consumer interest and early purchase. It can also encourage the hesitant or unwilling to go ahead and buy. Here we outline several promotional pricing techniques. Special event pricing: To draw in more customers, sellers often discount prices for “special events” such as boxing day. Another example are the back-to-school sales […]

Setting a Price

In this article, we outline some common pricing techniques and situations in which they might be used. We also discuss how consumer psychology, product quality and advertising can affect pricing levels. If you’re unfamiliar with terms like “fixed costs”, “variable costs” and “demand elasticity”, it will help to take a quick look at our article […]