Bargain products

Goods or services that are those perceived by customers to be of high quality but sold at a low price.

Consumer profiles

The demographic and psychographic characteristics of consumers in different market segments.

Cowboy products

Goods or services that are perceived by customers to be of low quality but high price.

Differentiation

The process of distinguishing an organization’s products from those of other firms in the same industry.

Economy brands

Goods or services that are perceived by customers to be of low quality and sold at a low price.

Geographic segmentation

The marketing process that involves characterising consumers according to their different geographical locations.

Market segment

A distinct group of customers with similar characteristics, tastes and preferences.

Marketing mix

The key elements of a marketing strategy to ensure its success in meeting the needs and wants of the organization’s customers and the firm’s marketing objectives.

Marketing plan

A document that shows the marketing objectives and marketing strategy of a particular business.

Marketing planning

The structured process of formulating marketing objectives and appropriate marketing strategies to achieve these goals.

Marketing strategies

The different long-term actions used by an organization to achieve its marketing goals.

Mass markets

A marketing approach that focuses on supplying to wide-ranging groups of customers in a market, without having split them into separate market segments, such as the markets for bottled water or breakfast cereal.

Niche markets

Marketing approach that focuses on supplying highly specialised products to cater for a small and select target market.

Place

The methods used to distribute products to customers, such as the use of wholesalers, retailers, agents or even vending machines.

Premium products

Goods or services that are perceived by customers to be of high quality and high price.

Price

The amount that customers pay to purchase a particular product.

Product

A physical good or an intangible service sold by a business.

Product position map

Also known as a perception map, this is a graphical illustration of customer perceptions of a business, its products, and/or brands in comparison to other firms in the industry.

Promotion

Communicating with customers so that they know about the product, and are persuaded to buy it.

Psychographic segmentation

Segmentation that involves characterising consumers according to people’s lifestyle choices and personal values.

Target market

The group of customers that an organization focuses on selling its products to.

Targeting

Targeting is the marketing practice of creating and using an appropriate marketing mix and marketing strategies to cater for different market segments.

Unique selling point (USP)

An exclusive feature or aspect of a business, its products or brands that makes it distinct from others in the same industry.