Definition: The red ocean strategy helps businesses survive in a competitive market where organizations prefer aggressive growth in the existing market instead of entering into new markets. The red ocean strategy uncovers the level of competition, risks, and profit-making opportunities. A red ocean market is characterized by stiff competition. This article will discuss the red …
Definition: The blue ocean represents an unexplored market, and blue ocean strategies help businesses tap into this marketplace. Blue ocean markets offer massive opportunities, allowing businesses to cater to a new and unrealized market. With blue ocean products and services, customers are not aware of their requirements or unmet demand. The creation of blue ocean …
Definition: Bulk purchasing is the process of buying a large number of commodities at a considerably reduced price. It uses the economy of scale, meaning the more the business buys, the less each unit costs. Bulk purchasing is also known as bulk buying or mass buying. Bulk purchasing is primarily a business-to-business (B2B) transaction and …
Definition: A marketing information system (MIS) collects data from internal and external resources, stores it, analyzes it, and provides organizations with meaningful output on a regular basis so they can make informed decisions. With a marketing information system, businesses can make an informed decision on new product launches, marketing strategies, product pricing, product promotions, etc. …