A Quick Guide to the Basics

By Abhishek Pandey.

GLOSSARY OF TERMS: Brand: A set of mental associations, held by a consumer, which adds to the perceived value of a product or service Brand assets: Assets a brand can attain based on market leadership, awareness, brand relevance, the reputation of quality, and brand loyalty Brand awareness: The extent to which a brand is recognized by consumers Brand Elements: The visual elements that distinguish the brand from competitors’ ones Brand Equity: The extra value that the brand adds to the product when a customer knows the brand Brand Familiarity: The easy recognition of a well-known brand Brand Image: The judgment that consumers have towards the brand Cannibalization: A decrease in sales or market shares of one product as a result of the launch of a new product by the same company Channel System: A particular combination of distribution and sales channels Competitive Advantage: Something about an organization and its product that is perceived as being better than rival offerings, is sustainable over time and can be translated into a benefit that is important to target customers Competitor: A company in the same  or similar industry which offers a similar product or service Connoisseur:  A person with expert knowledge or training about a specific product Consumer Behaviour: The totality of consumers’ decisions with respect to the acquisition, consumption, and disposition of goods, services, time, and ideas by human decision-making units (overtime) Consumer: A person that actually consumes the product, consumer and customer may or may not coincide Customer Experience: A combination of emotional, sensorial, and cognitive experiences that encompasses all the phases connected to a new product and/or service purchase Customer Value: Composed by the set of benefits that the organization’s offering can provide and the set of sacrifices that a customer has to make in order to enjoy the benefits provided by the organization’s offering Customer: A person who buys the product, consumer and customer may or may not coincide Distribution: The processes involved in moving goods from the supplier to the customer or user Evoked Set: The shortlist of products that a purchaser will make the final choice from Goods: Tangible products Innovators: The very first few percentages of customers that adopt a new product or technology Laggards: The last small part of customers to adopt a new product or technology Market Lifecycle: Relates to different stages in the life of a market based on a time unit (weeks, months, or more often years) and the supply-demand dynamic (i.e. sales), the latter can be expressed with product units or values Market Potential: The maximum market demand that should occur when all potential customers have entered a market Market Share: The percentage of current market demand obtained by a business Market: Consists of a set of actors who interact to exchange goods, services, reputation, and information; the activities that form the basis for this interaction, and additional actors who exert their influence Marketing Mix: The combination of the 4 Ps: usually product, promotion, place, and price designed for a specific target market Means-End Theory: A technique that can help explain how values link to attributes in products and services Multichannel Distribution: The use of different types of channels to reach the same target market Niche market: A market segment that can be treated as a target market; a small well-defined market, often part of a larger market Portfolio: All of a company or strategic business unit’s products Positioning: Where your product stands in respect to others offering similar products in the mind of consumers Price Signal: A message sent to customers in the form of a price Product Category: A product category is all the products offering the same general functionality Segment Positioning: The product-price position and value proposition developed specifically for customers in a given market segment Target Market: A group of buyers and/or consumers who share common needs and/or wants or characteristics and who the organization focuses on

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