Marketing For You
Most used Terms and Their meanings
What are “Target Markets/ Market Places” – A target market is a group of customers within the serviceable market that a business aims at.
A well-defined target market is the first element of a marketing strategy. A target market is a group of people likely to buy a product or service.
A target market consists of customers with similar characteristics, such as age, location, income and lifestyle. A business must have a clear definition of its target market to reach and analyze their needs and suitability.
Distribution is the making a product or service available for the user that needs it. This can be done directly by the producer or service provider, or using indirect channels with intermediaries.
What is a “Promotion” – Promotion is the strategy to increase customer awareness of a brand, aimed to generate sales and create brand loyalty. Promotion is the methods of communication to provide information about products and services. This information can be both verbal and visual. A promotional plan has five pieces to itself-1) Personal Selling, 2) Advertising, 3) Sales Promotion, 4) Direct Marketing, and 5) Publicity. A promotional mix specifies how much attention is to be paid to each of the five factors, and how much money to budget.
Product Demonstration– A product demonstration is a promotion where a product is demonstrated to potential customers. The goal of such a demonstration is to introduce customers to the product in hopes of getting them to purchase that item.
Product sampling – Products offered as samples during these demonstrations may include new products, new versions of existing products or products that have been recently introduced to a new commercial marketplace.
Retailing – Trading activities undertaken by licensed retailers registered for Goods and services tax, income tax including the publicly traded supermarkets, corporate-backed hypermarkets and retail chains, privately owned large retail businesses as organized retail and the traditional formats of low-cost retailing including the local corner shops, owner manned general stores, cigarette shops, convenience stores, hand cart and pavement vendors, etc.
Store Acquisition – Store acquisition is the term that defines the process of approaching an existing retailer, prospecting and convincing them to be a part of larger organized business, negotiating the deals, do a business agreement and start selling through them.
What is Packaging – Packaging is the technology of enclosing or protecting products for distribution, storage, sale, and use. Packaging is designing, evaluating, and producing packages. Packaging contains, protects, preserves, transports, informs, and sells.
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