What is Brand Equity? And How can it help a Business?

Brand Equity describes a brand’s value. It is determined by consumer perception for the brand generated by a consumers’ experience with the brand. A company’s brand value can be positive or negative based on whether consumers think highly of the brand or have been disappointed so much that they tell friends and family to avoid …

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What a marketer should know about Neuromarketing?

Image courtesy: https://medium.com/digital-reflections/secrets-of-neuromarketing-8b48a589f247 Neuromarketing Neuromarketing applies neuroscience and marketing to help brands understand consumer’s psychology and rationale behind their decision making while purchasing and their responses to marketing communications. Neuromarketing uses various methods like fMRI (functional magnetic resonance imaging), EEG (electroencephalography), and biometric tools like face and fingerprint scanners to record consumer’s responses to an …

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How to use Price Elasticity in your Pricing Strategy

Businesses often find themselves in a conundrum about setting prices for their products or services. Recognizing the unit price at which sales volume is maximum and has significant profit is critical for the business. One of the concepts worth paying attention to is price elasticity– it refers to the change in demand or sales when the …

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How Consumer Value-Based Pricing can help your Business

Many businesses often face the dilemma of pricing their new product or service in a way that is attractive to the target market and competitive with the existing products. Finding the perfect balance is the one where we can charge a maximum while selling the most units. Any price above this threshold will start alienating …

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Breakeven analysis and its application

Image courtesy: https://www.ecommerceceo.com/break-even-point-calculator/ (Links to an external site.) Break-even analysis gives businesses a goal, one that they can achieve and say they are making a profit now. It is an important metric that helps evaluate business performance in terms of units sold or revenue. What is Breakeven Analysis (Links to an external site.)? Breakeven (in Units) = Fixed Costs …

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Brand Archetype: What it means for your product?

Image courtesy: https://www.romainberg.com/what-is-your-business-archetype/ For certain brands, we feel loyalty and connection, and we prefer them over others and are ready to pay more. It is crucial for brands to fall in a category or the consideration set but also to stand apart.  Here come brand archetypes that guide marketers and help them to give direction to the …

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