The Marketing Mix
This "P" involves all the activities used to inform and persuade a customer to buy a product, including advertising and social media.
What is Promotion?
In this first stage, the product is brand new, sales are low, and the company spends a lot of money on advertising.
What is the Introduction Stage?
In SWOT, the "S" and the "W" are considered these types of factors because they happen inside the company.
What are Internal Factors?
Targeting customers based on facts like their age, gender, and income level.
What are Demographics?
This stage of development involves building a sample or "demo" version to see if the product works.
What is a Prototype?
This part of the "2 Cs" involves studying the people who are most likely to buy your product.
Who is the Customer?
This stage is where sales level off because most people in the target market already own the product.
What is the Maturity Stage?
A high-value celebrity deal or a low manufacturing cost would be listed under this section of SWOT.
What are Strengths?
Targeting customers based on where they live, such as "Gen Z fans in Toronto."
What are Geographics?
According to this economic law, when prices fall, the demand for that product will generally rise.
What is the Law of Demand?
When you compare your business to a rival selling the exact same type of item (e.g., Nike vs. Adidas), you are looking at this type of competition.
What is Direct Competition?
These are the people who love to be the first to buy a product and often follow the latest celebrity trends.
Who are Early Adopters (or Trendsetters)?
An external trend that a company can "ride" to gain new customers is called this.
What is an Opportunity?
This segmentation style focuses on a customer’s lifestyle, personality, and values.
What are Psychographics?
This is a study performed early in the development process to determine if an idea is actually realistic and profitable.
What is a Feasibility Study?
This "P" refers to the distribution channels—how the product physically gets from the manufacturer to the hands of the consumer.
What is Place?
This is the stage where a manager must decide whether to "rejuvenate" a product or stop selling it entirely.
What is the Decision-Point?
An economic recession or a political boycott would be listed under this external, negative category.
What are Threats?
This specific group of people is the one a business "aims" its marketing at because they are most likely to buy.
What is the Target Market?
This is the point where a company’s sales exactly cover their costs, resulting in zero profit and zero loss.
What is the Break-even Point?
This term describes the "usefulness" or value a product provides to a customer.
What is Utility?
This specific type of market only sees high demand during certain times of the year, like snow shovels in winter.
What is a Seasonal Market?
This is a strategic move where a company uses a Strength to grab a specific Opportunity.
What is a Power Move?
Segmentation based on "usage rate" or "brand loyalty" (how often they buy) is known as this.
What is Behavioural Segmentation?
This strategy involves "pulling" customers into a store through heavy brand advertising, rather than "pushing" items onto shelves.
What is a Pull Strategy?