Why Use Excel? As marketer Kevin Hector has pointed out, “The global economy is built on two things: the internal combustion engine and Microsoft Excel. Never forget this.” (Wraysol.com). Excel is now a household name when it comes to spreadsheets, not only for businesses, but for individual applications as well. Excel enables users to …
The Importance of Establishing Brand Equity Brand equity refers to how consumers respond to a particular brand, and in fact can be said to be the value of the brand itself, reflecting how that brand is being experienced by consumers. Customer-based brand equity demonstrates to what extent consumers’ perceptions of and attitudes toward a …
What is Data Visualization? In data visualization, information is presented in the form of a picture, a map or a graph. This allows the data to be read in a direct manner, enhancing the understanding of complex concepts, and clearly identifying patterns and trends. Data visualization provides a creative and easily understandable translation of number-oriented …
What is Brand Storytelling? Brand storytelling can be defined as the practice of “using a narrative to connect your brand to customers, with a focus on what you stand for of the values you share with your customers.” (MarketingInsiderGroup.com). Producing a high-quality product is only one part of a marketing equation. A company needs to …
Flat File Databases: Pros and Cons The flat file database structure was created during the earliest use of computer processing. In those days, flat files were stored on punch cards and tapes, paper as well as magnetic sheets. Due to their built-in restrictions, flat files are sequential in nature. As explained by marketing strategist, …
What is Neuromarketing? Neuromarketing refers to the area of market research that focuses on consumers’ responses to stimuli presented to them in advertising. These reactions are then recorded and tabulated in order to establish the purchasing preferences of target audiences. Since this is the objective of every campaign, one could argue that all marketing …
What is Price Elasticity? Price elasticity, often referred to as price elasticity of demand, measures the quantity demanded for any given product in relation to the price set for that product. Price elasticity is used by companies to determine the different ways that consumers respond to price fluctuations of the products offered. It reflects …
What is a SWOT Analysis? A SWOT analysis is an evaluation tool that compiles a company’s strengths, weaknesses, opportunities and threats. The purpose of such an analysis is to maximize the development of planning strategies by providing accurate data-driven details, encompassing an assessment of both internal and external factors. According to marketing strategist Bonnie …
Why Break-Even Calculation is Important Break-even analysis is a method of calculating what the margin of safety is in a company, using the company’s revenue balanced against its operating costs. It answers the question of whether or not a company is generating sufficient income from a product or service to justify the output from …