Target Market (Keywords)

Target market

The specific group of customers the business is trying to sell to, usually defined by characteristics like age, gender, lifestyle.

Market segmentation

Dividing a market into smaller, distinct groups with common traits.

Focus group

Small group of customers discuss a product/campaign pre-launch giving the business valuable insight.

USP (Unique Selling Point)

Something that makes a product/service stand out from its competitors.

Product life cycle

The stages a product goes through from launch to withdrawal, showing level of sales expected from each stage.

Direct marketing

One to one communication with customers via email, SMS, post or apps

Digital marketing

Using digital influencers to promote products.

Personal selling

Face to face or online guidance from a salesperson to help the customer decide.

Channel of distribution

The path a product takes to reach the consumer.

(Manufacturer —→ Agent —→ Consumer, or others)

USP analysis

A focused review of what makes the product different from its competitors.

STEEPLE analysis

Tool used to assess the influence of external factors in a business. Made up of Social (S), Technological (T), Economic (E), Environmental (E), Political (P), Legal (L), Ethical (E) factors.