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Corporate Strategy
A plan that outlines how a company will achieve its objectives and compete in the market.
Pioneering Strategy
Introducing a new product or innovation into the market before competitors. High risk but potential for high rewards.
Imitative Strategy
Developing a product similar to an existing new product, minimizing R&D costs and risks.
Hybrid Strategy
Combines elements of pioneering and imitative strategies to maximize profits, reduce risk, and cut costs.
Market Penetration
Increasing sales of existing products to current or new customers in the existing market.
Market Development
Finding new markets or market segments for existing products.
Product Development
Creating new, modified, or updated products for existing customers.
Product Diversification
Developing new products for new markets, often a high-risk strategy.
Ansoff Matrix
A tool for analyzing and planning growth strategies through market penetration, market development, product development, and diversification.
Corporate Social Responsibility (CSR)
A company's self-regulation strategy aimed at economic, social, and environmental impact management.
Market Sector
A broad category of market that a company targets, such as technology or telecommunications.
Geographical Sectors
Market segments based on regional values, culture, and purchasing power.
Client-Based Sectors
Market segments based on consumer types, such as industrial, public sector, or commercial.
Market Segmentation
Dividing a market into smaller segments based on shared characteristics or tastes.
Income Segmentation
Market segments based on financial levels, such as high, middle, or low income.
Profession Segmentation
Market segments based on job types, which influence social groups or personal interests.
Age Segmentation
Market segments based on age groups, such as toddlers, teenagers, or elderly.
Family Segmentation
Market segments based on family structure, such as single, married with children, or empty nesters.
Values Segmentation
Market segments based on ethical or personal values, such as environmentally friendly products.
Behavioural Segmentation
Market segments based on shopping behaviours, loyalty, or occasion buying.
Product Family
A group of products with common features, parts, or aesthetic elements, often extending from a successful product range.
Marketing Mix
The combination of four variables (Product, Place, Price, Promotion) used to develop a marketing strategy.
Product
The goods or services offered to the market, which can be standardized for uniform characteristics.
Place
The distribution channels for the product, including physical locations (bricks and mortar) and online options.
Price
The amount charged for the product, determined through various strategies such as cost-plus, demand pricing, competitor-based pricing, product line pricing, and psychological pricing.
Promotion
Methods of communication used to inform and persuade customers about the product, including advertising, publicity, and personal selling.
Product Standardization
The process of setting uniform characteristics for a product to allow for competition and interoperability.
Component Standardization
Standardizing parts (e.g., USB ports) to ensure compatibility across different products.
Industry-Wide Standards
Agreed-upon standards within an industry to streamline processes and reduce costs.
Bricks and Mortar(physical store)
Physical stores where customers can see and touch products.
Online
Internet-based sales platforms offering convenience and potentially lower prices.
Hybrid Model
A combination of physical store presence and online sales.
Cost-Plus Pricing
Adding a percentage to the total cost of a product to determine its selling price.
Demand Pricing
Setting prices based on the level of demand for the product, with prices varying over time.
Competitor-Based Pricing
Pricing products in comparison to similar products offered by competitors.
Product Line Pricing
Setting different prices for products within a related group based on features or quality.
Psychological Pricing
Setting prices to create a perception of a bargain, e.g., $45.99 instead of $46.
Advertising
Promotional communication through audio or visual media.
Publicity
Providing information about the product to the public.
Personal Selling
Direct interaction with customers through sales representatives or market stalls.
Market Research
The process of gathering and analyzing information to improve a product, service, or system and increase its success.
Primary Data
Information collected directly from original sources, e.g., surveys, interviews.
Secondary Data
Information collected from existing sources, e.g., reports, studies.
Qualitative Data
Non-numerical information that describes qualities or characteristics, e.g., opinions, behaviors.
Quantitative Data
Numerical information that can be measured and analyzed statistically, e.g., sales figures.
Technophile
A person who eagerly adopts new technology (early adopters).
Technocautious
A person who needs convincing before adopting new technology (majority to late majority).
Technophobe
A person who resists technological change (laggards).
Eco-Warriors
Individuals who actively protest for environmental issues.
Eco-Champions
Individuals who advocate for environmental issues within organizations.
Eco-Fans
Consumers who enthusiastically adopt eco-friendly practices.
Eco-Phobes
Individuals who resist discussions on environmental protection.
Brand
A product from a known source or the name of the organization serving as a brand.
Brand Loyalty
Preference for buying from a particular supplier rather than competitors.
Brand Loyalty (Definition)
Consistent purchasing from a preferred brand, perceived as superior, despite convenience or price.
Registered Design
Intellectual property mark protecting a product's appearance, including shape, configuration, pattern, or ornamentation.
Trademark
A word, symbol, or phrase identifying a manufacturer's products and distinguishing them from others.
Packaging
Contributes to brand identity, making products recognizable and promoting the brand.
Publicity
The impact of positive or negative publicity on brand image and customer perception.
Global Branding
The need for brands to be culturally and socially aware when marketing globally to avoid offending local consumers.
