Essential Marketing & Business Terminology Defined

Product Differentiation

Product differentiation involves making a product distinctive so that it stands out from competitors' products in consumers' perception.

Niche Marketing

Niche marketing involves identifying and exploiting a small segment of a larger market by developing products specifically to suit its needs.

Direct Competitor

A direct competitor refers to businesses that provide the same or very similar goods or services.

Societal Marketing

Societal marketing is an approach that considers the demands of consumers and the effect on all members of public society involved in some way when firms meet these demands.

Mass Marketing

Mass marketing involves selling the same products to the entire market with no attempt to target specific groups within it.

Market Segment

A market segment is a subgroup of a whole market in which consumers share similar characteristics.

Market Orientation

Market orientation is an outward-looking approach that bases product decisions on consumer demand, established through market research.

Demand

Demand refers to the quantity of a product that consumers are willing and able to buy at a given price within a specific time period.

Asset-Led Marketing

Asset-led marketing is an approach that bases strategy on the firm's existing strengths and assets instead of purely on what the customer wants.

Market Share

Market share is the percentage of total market sales achieved by one specific business.

Market Growth

Market growth is the percentage change in the total size of a market over a specific period of time.

Consumer Profile

A consumer profile is a quantified picture of customers for a firm's products, showing proportions of age groups, gender, and locations.

Equilibrium Price

Equilibrium price is the market price that equates supply and demand for a product.

USP (Unique Selling Proposition)

A USP (Unique Selling Proposition) is a special feature of a product that differentiates it from competitors' products.

Marketing

Marketing is a management task that links the business to customers by identifying and meeting their needs profitably.

Marketing Objectives

Marketing objectives are goals set by the marketing department to help the business achieve its overall goals.

Market Size

Market size refers to the total level of sales of all producers within a market.

Supply

Supply is the quantity of a product that firms are prepared to supply at a given price within a specific time period.

Marketing Strategy

A marketing strategy is a long-term plan established for achieving marketing objectives.

Market Segmentation

Market segmentation involves identifying different segments within a market and targeting different products or services to them.