The 5 stages in the product life cycle (PLC) curve In a similar way to how our economy goes through the stages of recession, followed by recovery and ultimately back to prosperity (the Economic Life Cycle (ELC), products also have their own unique life cycle. This concept is known as the Product Life [...]
Creating great ads with the AIDA formula The purpose of this article is to explain the principles surrounding the AIDA formula. Extensively used by advertising professionals, the AIDA formula is a tried and proven persuasive writing technique. The formula’s acronym represents: Attention; Interest; Desire; and Action. In the world of marketing, the AIDA formula [...]
Operant conditioning in marketing Although the term may be new to you, the chances are you have been exposed to operant conditioning on many occasions. By the way, operant conditioning is also known as instrumental conditioning. Terminology aside, as far as sales promotional strategies are concerned, operant conditioning has enabled many companies to [...]
Did you know that every product has 3 dimensions? To most people a product is a one-dimensional tangible good or intangible service. In other words, to the broader population a product is nothing more than something we buy. We exchange money and in return we receive a product. To business marketers, however, a product [...]
Conducting a PEST Analysis using our free template What is a PEST analysis? A comprehensive PEST analysis encourages small business owners to critically examine the external marketing environments. These environments surround their firm's operations. These environments contain forces — all of which can positively or negatively affect their business. The forces we examine, as part [...]
Consumer buying decision-making process When it comes to marketing goods or services, understanding your customers buying decision-making process matters. Amazingly, many small businesses fail to recognise how important it is to understand their customers buying decision process. The good news is, it's quite a quick and simple task. It just requires placing yourself in [...]
Free Blank SWOT Analysis Template in Word Most people with a background in business or marketing will have heard of the term, SWOT analysis. But, what exactly is a SWOT analysis and how do we go about the task of creating one using a SWOT analysis template? To answer the first part of this [...]
What is Personal Branding? Personal branding isn't new. As a matter of fact, the concept of personal branding has been around for many years. Nonetheless, it's only been over the past seven years or so that it has gained the recognition it rightfully deserves. Personal branding is now regarded as a genuine and effective [...]
Refunds, repairs and replacements | Knowing your customers' rights As an Australian small business owner or manager, it is very important that you understand and respect your customers' rights to refunds, replacements and repairs. Scenario: Let's say you're a clothing retailer and you've just sold a pair of jeans. Your customer tries them on, loves what [...]
Customer service strategies and standards Customers are the lifeblood of every business. Regardless of the nature of the organisation, or the industry in which it operates, a company’s success depends upon its customers. For this reason, it's only logical that every small business has clearly defined customer service strategies in place. Sounds fair enough, right? The [...]
