In marketing, you often find the presentation of products as a bundle of benefits that the consumer obtains. What does this concept exactly mean and how can features be converted into benefits? Why is it important to understand products as a bundle of benefits rather than as a bundle of features?
Reference pricing is a pricing strategy that uses a pre-defined reference point to set the price for a product. In the following, we will explore the role of reference prices…
Market segmentation is one of the most important tasks in marketing. Particular attention should be paid to value-based market segmentation. Identifying subgroups in a market guides marketing and sales decision-making…
Value-based pricing requires the estimation of the economic value of a good. For this, estimating differentiation value becomes important: to what extent does a product or service provide additional value…
Value-based pricing is, as the name suggests, based on the value a good provides to a customer. The value at the heart of pricing strategy is economic value (or exchange value), not…
The term value commonly refers to the overall satisfaction that a customer derives from using a product or service. Economists call this use value—the utility gained from the use of…
While traditional organizations remain the norm, a relatively new phenomenon, the virtual organization, has arisen as an additional form of doing business. What is meant by the term virtual organization…
Marketing is an incredibly fast changing world. Therefore, it is often difficult to keep track of current literature and marketing must-reads. We would like to point out some of these…
There are different definitions of product quality. What is actually meant by quality? How do you measure it? As you may realize in the following, quality has many facets and…
Over time, industrialization (of services) has come to mean standardization, routinization and ultimately the McDonaldization of services. What is meant by this term and what might be the downsides of…