WOW 8Product

Product Positioning

• A marketing technique intended to present products in the best possible light to different target audiences.• positioning has come to mean the process by which

marketers try to create an image or identity in the minds of their target market for its product, brand, or organization.

Market Segmentation

• A marketing term referring to the grouping of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action. • For example, an athletic footwear company might

have market segments for basketball players and long-distance runners.  As distinct groups, basketball players and long-distance runners will respond to very different advertisements. 

• This is an early step in the positioning of products

Product Line

• A group of related products manufactured by a single company. • For example, a cosmetic company's makeup product

line might include foundation, concealer, powder, blush, eyeliner, eyeshadow, mascara and lipstick products that are all closely related. The same company might also offer more than one product line. The cosmetic company might have a special product line geared toward teenagers and another line geared toward older women

Start Up Enterprise

• A recently formed or incorporated entity that has been in operation for less than one year.

Marketing Plan

• Outlines a company's overall marketing efforts. • Marketing process can be realized by using the

marketing mix (4 P’s)

Value Added

• Refers to "extra" feature(s) of an item of interest (product, service, person etc.) that go beyond the standard expectations and provide something "more" while adding little or nothing to its cost• Gives competitive edges to companies

SWOT Analysis

• SWOT Analysis is a useful technique for understanding the Strengths and Weaknesses of a company, and for identifying both the Opportunities and Threats that company faces

Mission Statement

• a statement of the purpose of acompany or organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. • Provides "the framework”

or context within which the company's strategies are formulated.