The term 'market' refers to the aggregate of all demand for a particular product or service, arising from the aggregate of all consumers, both existing and potential for the product. It means that the whole group of consumers of a particular product constitutes the 'market' for that product. Philip Kotler states, "A market consists of all the potential customers sharing [...]
Marketing research is defined as the objective and formal process of systematically obtaining, analyzing and interpreting data for actionable decision making in marketing. This definition lays stress on two aspects, namely, objectivity and systematic process in the collection and analysis of data. In fact, marketing research should not be allowed to be influenced by personal views and considerations. Before undertaking [...]
In this article we will discuss about the concept of consumer’s surplus. Also learn about the difficulties involved in measuring consumer's surplus. Concept of Consumer’s Surplus: Introduction, consumer's surplus was introduced in economics by Alfred Marshall, although the use of the concept goes back at least to the Freanch economist Dupuit writing in the first half of the nineteenth century. [...]