Marketing Fundamentals – Specialization, Segmentation & Pricing

Vocabulary flashcards highlighting the main marketing concepts, frameworks, and pricing strategies discussed in the lecture.

Specialization

Focusing on a specific area to build a unique niche and competitive advantage.

Niche

A narrowly defined segment of a market where a business positions itself as an expert or sole provider.

Generalist

A ‘jack-of-all-trades’ professional with broad skills; typically the lowest paid in the hierarchy.

Specialist

Someone with deeper expertise in a focused area, commanding higher pay than a generalist.

Extreme Specialist

An expert with very narrow, in-depth knowledge, differentiating strongly from competitors.

Celebrity / Guru

The top tier of specialization; widely recognized authority whose personal brand drives premium pricing.

Differentiation

Making your offering distinct; based on the idea that ‘different is better than better.’

Positioning

How a brand is perceived relative to competitors in the customer’s mind.

Positioning Map

A visual tool that plots brands on axes (e.g., price vs. quality) to show competitive positions.

Segmentation

Dividing the market into groups of customers with shared traits to target them effectively.

Customer Avatar

A detailed persona representing the ideal customer’s traits, goals, and pain points.

Demographic Segmentation

Grouping customers by observable traits such as age, gender, income, or occupation.

Geographic Segmentation

Segmenting the market based on location such as state, province, or region.

Psychographic Segmentation

Classifying customers by attitudes, interests, beliefs, and lifestyles.

Customer Research

Investigating customer problems and needs to ensure the business offers exact solutions.

Competitor Research

Studying rivals to learn, differentiate, and identify gaps they are not addressing.

Concentration (Business)

Investing in the single best product/service that is fun, profitable, easy to sell & deliver, and sustainable.

Cost-Based Pricing

Setting prices by adding a markup to production costs.

Value-Based Pricing

Pricing determined by the perceived value to the customer rather than cost.

Market-Message-Media Match

Aligning the right audience (who), message (what), and channel (where) for maximum impact.

Lifetime Customer Value (LCV)

The total revenue a business expects to earn from a customer over the entire relationship.