Definitions on Product Marketing
Marketing can be a complex field, and we understand that sometimes it's hard to keep up with all the jargon. That's why we've curated a comprehensive collection of the most commonly used marketing terms and concepts. Have a definition recommendation? Send us a note.
Definitions
C
Comparative Advertising
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Comparative advertising is a type of advertising that directly compares one brand's products or services to those of another brand. This can be done through a variety of methods, such as showing the two products side by side and highlighting the differences, or by directly mentioning the other brand in the ad. Comparative advertising is often used to demonstrate how a particular product or service is superior to a competitor's offering, and is a common tactic in highly competitive markets. It can be an effective way to differentiate a brand and persuade consumers to choose it over others. However, it can also be controversial if the comparisons are misleading or inaccurate.
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Cost-Based Pricing
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Cost-based pricing is a pricing strategy in which the price of a product or service is determined by adding a markup to the cost of producing or delivering it. This approach takes into account the various costs associated with the product or service, such as materials, labor, and overhead, and adds a profit margin to determine the final price. Cost-based pricing is a common approach in businesses that operate on thin margins or have a high level of competition, as it allows them to set prices that are competitive while still covering their costs and generating a profit. However, it can be challenging to determine the appropriate markup, and may not always result in the most profitable or competitive pricing strategy.
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Customer Loyalty
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Customer loyalty refers to a customer's willingness to continue doing business with a particular company or brand over time. It is a measure of the degree to which customers are committed to a company, and is typically based on factors such as satisfaction with the company's products or services, the quality of the customer experience, and the overall value of the company's offering. Companies that are able to cultivate customer loyalty can enjoy a number of benefits, such as increased repeat business, improved customer satisfaction, and greater customer advocacy.
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Direct Competition
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In marketing, direct competition refers to the competition between companies that offer similar products or services to the same target market. These companies are considered to be direct competitors because they are competing for the same customers and their products or services are substitutes for one another. Direct competition is an important concept in marketing because it helps companies to understand the market and develop strategies to differentiate themselves from their competitors. This can include things like pricing, branding, and product development.
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S
Serviced Available Market (SAM)
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Serviced Available Market (SAM) is a term used in marketing to refer to the portion of the Total Available Market (TAM) that a company can realistically target with its products or services. It represents the portion of the market that a company can effectively serve, based on its resources, capabilities, and other factors.
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Share of Market (SOM)
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Share of Market (SOM) is a term used in marketing to refer to the percentage of the total market for a product or service that a company controls. It represents the proportion of the market that a company's products or services account for, relative to the total market size.
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