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Marketing
- PREV DEFINITIONDogDefinition: 'Dog' is named as one of the quadrants of the Boston Consultancy Group (BCG) matrix which has a small market share in a mature industry. The BCG growth share matrix was developed to manage different categories of business units in the company itself. Description: A 'dog' is a name given to a business unit within a company which has a much smaller share in a mature market. It does not generate a strong cash flow for the company and it does not need a large amount of investment to keep the unit running. The term can also be attributed to a stock which has been a marked underperformer compared to the benchmark indices for a longer period of time. In most cases we have seen that dog operates in a mature industry and if it is not bringing sustained cash flows, the management can selling a business unit and use the cash to invest in areas where returns are positive. If the company does not see a potential in the business unit which is referred to as dog, it will not allocate more cash to build the product to turn it into a Star or a Cash cow, both terms used in BCG matrix for different business units.Read More
- NEXT DEFINITIONFocus GroupDefinition: A focus group is a small set of six to ten people who usually share common characteristics such as age, background, geography, etc.. The set comes together to discuss a predetermined topic. A focus group is a part of marketing research technique. Description: A focus group is useful in analysing a topic or getting an opinion on a predetermined topic for research. The information collected is used in making refinements to the product. With the help of focus groups, a company can collect information pertaining to what different groups or a set of people feel about a particular topic or a product. Feedback is collected from a set of people in case the company plans to change the appearance or the quality of a product and it wants to get the first reaction from different sets of people as to what they think, focus groups help the company to do just that. Based on the responses, the company can quickly analyse if people in the group like the refined product or not. They could also track the consumption patterns by asking them if they would increase the consumption once the refined product is introduced in the market. Focus groups can vary in size, depending on the issue, problem or the product that needs to be discussed. But, ideally it should be between 8-12 people.Read More
Definition of 'Endorsements'
Definition: Endorsements are a form of advertising that uses famous personalities or celebrities who command a high degree of recognition, trust, respect or awareness amongst the people. Such people advertise for a product lending their names or images to promote a product or service. Advertisers and clients hope such approval, or endorsement by a celebrity, will influence buyers favourably. For example, Sachin Tendulkar endorsing motorcycles and biscuits can influence young men or children who look to him as role model.
Description: Such advertising connects with a lot more people than ordinary advertising can, because people will notice celebrities, famous personalities and role models even from a vast clutter of noise, people or products. Such ads work well for aspiration products or lifestyles.
Endorsements can confer on a brand a larger-than-life image, and if the advertising follows the current celebrities and personalities, the endorsement can last quite long. Lux is an example, which is endorsed by all the leading actresses of the generation, helping greatly to keep Lux a relevant and attractive brand even as consumers change.
The more famous or celebrated the endorser, the more expensive can it be to use that personality for a product.
Description: Such advertising connects with a lot more people than ordinary advertising can, because people will notice celebrities, famous personalities and role models even from a vast clutter of noise, people or products. Such ads work well for aspiration products or lifestyles.
Endorsements can confer on a brand a larger-than-life image, and if the advertising follows the current celebrities and personalities, the endorsement can last quite long. Lux is an example, which is endorsed by all the leading actresses of the generation, helping greatly to keep Lux a relevant and attractive brand even as consumers change.
The more famous or celebrated the endorser, the more expensive can it be to use that personality for a product.
- PREV DEFINITIONDogDefinition: 'Dog' is named as one of the quadrants of the Boston Consultancy Group (BCG) matrix which has a small market share in a mature industry. The BCG growth share matrix was developed to manage different categories of business units in the company itself. Description: A 'dog' is a name given to a business unit within a company which has a much smaller share in a mature market. It does not generate a strong cash flow for the company and it does not need a large amount of investment to keep the unit running. The term can also be attributed to a stock which has been a marked underperformer compared to the benchmark indices for a longer period of time. In most cases we have seen that dog operates in a mature industry and if it is not bringing sustained cash flows, the management can selling a business unit and use the cash to invest in areas where returns are positive. If the company does not see a potential in the business unit which is referred to as dog, it will not allocate more cash to build the product to turn it into a Star or a Cash cow, both terms used in BCG matrix for different business units.Read More
- NEXT DEFINITIONFocus GroupDefinition: A focus group is a small set of six to ten people who usually share common characteristics such as age, background, geography, etc.. The set comes together to discuss a predetermined topic. A focus group is a part of marketing research technique. Description: A focus group is useful in analysing a topic or getting an opinion on a predetermined topic for research. The information collected is used in making refinements to the product. With the help of focus groups, a company can collect information pertaining to what different groups or a set of people feel about a particular topic or a product. Feedback is collected from a set of people in case the company plans to change the appearance or the quality of a product and it wants to get the first reaction from different sets of people as to what they think, focus groups help the company to do just that. Based on the responses, the company can quickly analyse if people in the group like the refined product or not. They could also track the consumption patterns by asking them if they would increase the consumption once the refined product is introduced in the market. Focus groups can vary in size, depending on the issue, problem or the product that needs to be discussed. But, ideally it should be between 8-12 people.Read More
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