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Glossary

  • Target market: The specific group of consumers that a business is trying to reach with its marketing efforts.

  • Marketing mix: The four elements of marketing that a business can control in order to influence demand for its products or services. These elements are product, price, place, and promotion.

  • SWOT analysis: A tool used by businesses to assess their internal strengths and weaknesses, as well as external opportunities and threats.

  • Competitive analysis: The process of analyzing the strengths and weaknesses of a business's competitors in order to inform marketing and strategic planning.

  • Customer segmentation: The process of dividing a market into smaller groups of consumers with similar needs or characteristics.

  • Positioning: The process of creating a unique image or perception of a product or service in the mind of the consumer.

  • Branding: The marketing practice of creating a name, term, design, or other feature that distinguishes one seller's product or service from those of other sellers.

  • Marketing plan: A document that outlines a business's marketing strategies, tactics, and objectives for a specific period of time.

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