Marketing

New product development (NPD) is the process of creating original products, improved products, modified products, and new brands through a company's own development efforts. It is a vital function...

Micromarketing is the practice of tailoring products and marketing programs to the precise needs and wants of specific, small, and local customer groups. It includes local marketing and individual...

The microenvironment encompasses the actors that are close to the company and affect its ability to serve its customers. These actors are largely controllable by the company. Key elements of the...

A Merchant Wholesaler is an independently owned business that takes ownership of the merchandise it carries. They are the largest class of wholesalers and are divided into full-service wholesalers...

The maturity stage is the third and usually longest stage of the product life cycle (PLC), in which sales growth slows or plateaus (peaks). Most potential buyers have already tried the product and...

Market-skimming Pricing is a strategy in which a new product is priced at a high initial price in order to extract maximum revenue layer by layer from segments that are willing to pay the high...

A mission statement is a statement of the organization's purpose—what it wants to achieve in the larger context. It should be market-oriented and defined in terms of meeting the basic needs of the...

Millennials (Generation Y) are the 83 million children of baby boomers born between approximately 1977 and 2000 (definitions may vary). They are the largest group in history and are deeply connected...

Marketing Intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and phenomena in the marketing environment. The goal is to improve...