The term ‘prospecting’ relates to locating and qualifying new customers. Prospecting is necessary because - i. Finding customers is a business compulsion for a new and existing product, ii. There is a decline in the existing customer base as customers are taken away by competitors, and iii. It helps in strengthening the existing customer base. Learn about:- 1. Meaning of [...]
Market segmentation can be defined as a technique of dividing different countries into homogeneous groups. The rationale behind the concept of market segmentation is based on the fact that the global market cannot be served on the basis of single set of policies. The international market segmentation has its own usefulness. The strengths of international market segmentations lies in better [...]
The types of pricing strategies can be studied under the following heads: 1. Cost-Oriented Pricing Strategies 2. Demand-Oriented Pricing Strategies 3. Competition-Oriented Pricing Strategies 4. Other Pricing Strategies. The various strategies that can be used to determine the price of the product are:- 1. Premium Pricing 2. Penetration Pricing 3. Economy Pricing 4. Price Skimming 5. Psychological Pricing 6. Product [...]