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Socio-Economic Classification

August 10, 2020

SEC Classification The SEC Classification is the classification or grouping of Indian consumers on the basis of certain specifications. Traditionally the two parameters or specifications used to classify or group consumers were: Education and income of an individual The Urban SEC grid: The SEC functions according to its Grid. In the urban grid, there are 8 classified educations and occupations, that are: In the above table, it’s classified into three classes that are upper, middle, and lower classes. The upper class is from A1 to B1 T he middle class is from B2 and C and the lower class is from D to E2. The Rural SEC Grid: However, in the rural SEC Grid, the population is categorized in sections like R1, R2, R3, and R4 based on the education of an individual. New Consumer Classification System (NCCS) However, Market Research Users Council, India (MRUC) has presented a new classification known as New Consumer Classification System (NCCS) which calculates Household Preimmunises In

The service recovery paradox

August 10, 2020

The service recovery paradox At some point in life, we all have experienced the service recovery paradox. Want to know what is it? The service recovery paradox (SRP) is a circumstance in which a customer usually tends to become more loyal to an organization after the company has rectified a service failure, compared to how they would treat the company if non-faulty service had been provided. It has been observed that customers become more loyal to a business after they have experienced a service failure , then if it had never occurred in the first place. For example- You get a haircut from Urban company and you tend to dislike it. At this point, Urban company can make it up to you by providing you a total refund or vouchers for discount. If they do that and you get satisfied then there is a high probability that you would be more loyal to Urban company services in the future. In this example, recovery is really important for Urban Company as it is impossible to pro

Brand Marketing

August 11, 2020

We are all very much familiar with the word “Brand” but do we really know what it is actually. Is it just the name of the company or is just defined by the logo? We always tend to compare and talk which brand is better. Don’t we? But are we really talking about the specifics or are we just going with the popular perception. So what is a ‘brand’ basically? Let’s see! What is a Brand? Brand is a name developed for a product or service to successfully connect with the customers and distinguish the product / service from the other alternatives in the market with unique symbol, logo, phrase, mark etc. In the earlier days, brand was just referred to the company’s logo or may be even their tagline and nothing more. Over the years, it has evolved a lot. Though even today its primary strength is the logo and name, but it has included other aspects and has become more dynamic in nature. A brand now provides the audience everything the company does or can do. It also conveys the core values of

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