Product & Marketing Concepts

Product Line Extensions: Adding new products to an existing line to reach new customers or offer more options (e.g., a shampoo brand introducing a conditioner).

Touchpoints: Interactions where customers connect with a brand (e.g., a website, store, or customer service call). Each touchpoint influences customer perception and loyalty.

Wholesaling: Selling products in bulk to retailers, who then sell to consumers (e.g., a food distributor selling to grocery stores). Wholesalers often offer lower prices due to large volumes.

Retailing: Selling products directly to the public, usually in smaller quantities (e.g., a clothing store selling shirts to individual customers). Retailers serve as the final step before products reach consumers.

Discounting: Offering products at a reduced price to attract more customers or clear inventory (e.g., end-of-season sales). Discounts can increase sales and move slow-moving items.

Sales: Activities to promote and sell products or services to customers (e.g., sales pitches or promotional events). Sales strategies help companies meet revenue goals.

Promotion: Marketing efforts to increase awareness and encourage purchases (e.g., social media ads or product giveaways). Promotions aim to attract attention and drive sales.

Buyer’s Market: A situation where supply exceeds demand, giving buyers more power (e.g., housing markets with many unsold homes). Buyers can negotiate for lower prices in a buyer’s market.

Seller’s Market: A situation where demand exceeds supply, giving sellers more control (e.g., limited housing options with high demand). Prices tend to be higher in a seller's market.

Law of Demand: Economic principle stating that as prices decrease, demand increases, and vice versa (e.g., lower smartphone prices increase consumer purchases).

Law of Supply: Economic principle stating that as prices increase, the quantity supplied also increases (e.g., high prices for gold incentivize more mining).

Stockouts: When a product is temporarily out of stock due to high demand or supply issues (e.g., popular toys during holiday seasons). Stockouts can lead to missed sales and customer dissatisfaction.

Market Share and Profit: Market share represents a company's portion of total sales in an industry, which affects its profitability (e.g., a company with 30% of smartphone sales). Higher market share often correlates with greater profit potential.

Trends and Forecasts: Observations of changes in consumer behavior and predictions about future demand (e.g., increased demand for electric cars). Trends guide product development and marketing.

Market: The place or system where buyers and sellers interact to exchange goods and services (e.g., stock markets or local farmers’ markets). Markets determine product prices based on supply and demand.

Resource: Inputs used to produce goods or services, like materials, labor, and capital (e.g., raw materials for manufacturing). Resources are essential for economic production.

Buyer’s Market: Repeated for clarity, see Buyer’s Market above.

Data Mining: Analyzing large data sets to find patterns and insights (e.g., retail data to find popular products). Companies use data mining for strategic decisions and marketing.

Meta Tags: HTML tags that provide information about a webpage’s content to search engines (e.g., keywords like “best pizza NYC”). Meta tags help improve a page’s visibility in search results.

Hyperlinks: Clickable links that take users to other web pages or documents (e.g., a link to a related article on a website). Hyperlinks make navigation easier and connect related information online.