Glossary

• Unique selling proposition (USP): A unique selling proposition is a specific feature or benefit that sets a product or brand apart from its competitors.

• Target market: A target market is a specific group of consumers that a product or brand is intended to reach.

• Market segmentation: Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics.

• Niche market: A niche market is a small, specialized segment of a larger market. Niche markets are often less competitive than broader markets because they are focused on a specific product or service.

• Brand positioning: Brand positioning refers to the way a brand is perceived in the minds of consumers compared to its competitors.

• Customer personas: Customer personas are fictional, detailed profiles of specific types of customers. These profiles are used to help businesses understand and target their ideal customers.

• Competitive analysis: Competitive analysis is the process of evaluating the strengths and weaknesses of a company's competitors in order to inform marketing strategy.

• Market positioning map: A market positioning map is a visual representation of how a product or brand is positioned in relation to its competitors in the market.