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“There is no need to invent the wheel when it comes to marketing strategies,” I once heard my boss say in one of his lectures. “Marketing is not an act, but an art.” He is one of those people who believes that the ‘wheel’ should never be invented again and that one should simply apply ‘traditional’ methods of reaching and engaging with customers that worked in the past. Marketing, for him, was a matter of buying media ads in print or online and hoping for a good click-through rate
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The Marketing Department of the company had a clear goal: to sell a new product that would meet the needs of the target audience. They hired a market research company to do a thorough market survey to gather information about the market and what it was willing to pay for this new product. After the research, the marketing department created a list of 50 products that met the company’s objectives. But the survey showed something that was not expected: the target audience wanted more than just one product. They wanted a line of products with different functionalities and features. They
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I’m an e-commerce marketer, specializing in the consumer goods sector. 2020 was a tumultuous year for the retail industry, and this BCG Matrix Analysis will shed light on the various factors that influenced the state of the market. The matrix shows how consumer demand, economic factors, technological disruption, and macroeconomic shifts have impacted each product segment and affected the industry’s overall performance. The consumer goods industry is a significant contributor to the world economy. go to this website According to Euromonitor’s research, the
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Market is one of the critical components in business. It refers to the variety of customers with whom an organization interacts. With the evolution of technology and globalization, customers’ buying behavior have become much complex and diversified. 1. Increasing competition in the market The rising competition in the market has become one of the biggest challenges in a business. Customers have increased their preference towards quality services and products. Customers now have different expectations, and every business needs to deliver to meet their needs. This has created more pressure on businesses in terms
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