Marketing Concepts & Terms

Marketing Concepts & Terms

• 4 Ps (Marketing Mix): Product, Price, Promotion, Place. A fundamental framework for marketing strategies.
• 5th P ("Purple Cow"): A concept emphasizing creating a truly memorable, distinctive product or brand.
• PESTLE Analysis: Analyzes the political, economic, social, technological, legal, and environmental contexts surrounding a business. Useful for assessing external factors.
• Competitive Landscape: Examines both direct and indirect substitutes to gain a critical understanding of the competitive environment.
• Perceptual Map: A visual representation of consumer perceptions, utilizing determinant attributes to plot brand positioning relative to competitors.
• Marketing Sizing (TAM/SAM/SOM): Estimates total available market size (TAM), served available market size (SAM), and serviceable obtainable market size (SOM) to realistically assess market opportunity.
• Customer Journey: Visually maps customer processes, needs, and perceptions to understand the entire customer experience.
• Jobs to be Done Theory: Focuses on the tasks customers are trying to accomplish rather than just product features. Explores the underlying "job" the customer is hiring a product or service to do.
• Market Opportunity Navigator (Where to Play): Identifies and evaluates market opportunities by combining company abilities with market needs.
• Market Opportunity Set: Evaluates potential market opportunities based on a company's capabilities.
• Attractiveness Map: A tool for comprehensively analyzing potential market opportunities to identify the most appealing ones.
• Agile Focus Strategy: Creates backup and growth options to maintain flexibility and address unforeseen changes when a market opportunity is chosen.
• Brand Personality: Human characteristics associated with a brand, used to differentiate brands (e.g., Coke vs. Pepsi). Involves traits like sincerity, excitement, competence, sophistication, and ruggedness.
• Messaging: The core message and narrative a company wants to communicate to customers. A well-defined messaging hierarchy includes the value proposition, messaging pillars, and proof points.
• Market Segmentation: Dividing a broad market into smaller, more manageable segments for targeted marketing efforts. Types include geographic, psychographic, demographic, and behavioral segmentation.
• Targeting: Refers to the specific market segments a company chooses to focus on (mass marketing, niche or hyper-segmentation).
• Buyer Persona (Customer Archetype): A fictionalized representation of a company's ideal customer to understand their needs and behaviors.
• Positioning: The desired space a brand occupies in consumers' minds, defining how a company is different and providing value to a specific target customer. A positioning statement outlines target market, unique value, and reasons to believe/believe in the claim.
• Pricing: The art and science of determining the price of a product or service, considering factors such as production costs, market competition, and customer perceived value. Strategies include cost-plus, high-low, freemium, dynamic.
• Distribution Strategies: Methods chosen to deliver a product to the customer including direct-to-customer, exclusive, selective, and more.
• Marketing Objectives (SMART): Specific, Measurable, Achievable, Relevant, Time-bound objectives, supporting business goals, distinct from business objectives. Incorporates objective/strategy/tactic relationship.
• Marketing Metrics: Key performance indicators (KPIs) relevant to a company's marketing efforts. Examples include click-through rate (CTR), customer acquisition cost (CAC), customer lifetime value (CLTV), bounce rate, churn rate, net promoter score (NPS), and return on ad spend (ROAS).