A market space that is unexplored and uncontested, where companies can create new demand and capture significant market share without much competition. Crucial for identifying opportunities for innovation and growth by creating new markets.
Innovation that creates a new market and value network, eventually disrupting and displacing established market-leading products or services. Crucial for understanding how new entrants can challenge established players and transform industries.
A marketing strategy where affiliates earn a commission for driving sales or traffic to a company's website. Crucial for product managers and marketers to expand reach and drive sales through partnerships.
Areas of unmet demand in a market where opportunities for growth and development exist. Essential for identifying new business opportunities.
The introduction of a new product to the market, involving planning, marketing, and distribution efforts to maximize its initial impact. Essential for ensuring a successful market entry and driving early adoption and sales.
A product that significantly changes the market or industry by introducing innovative features or a new business model. Important for understanding market dynamics and identifying opportunities for innovation.
An area in a market or industry that is currently underserved or unaddressed, presenting opportunities for innovation and new business ventures. Important for identifying gaps in the market that can be filled with new products, services, or solutions.
The area within a market where unmet needs or problems present potential for new products or services. Essential for identifying new business opportunities.
Business-to-Consumer (B2C), a business model where products or services are sold directly to individual consumers. Essential for understanding consumer markets and developing direct marketing strategies.
The process of identifying user needs and market opportunities to inform the development of new products or features. Crucial for ensuring that products are user-centered and meet real market demands.
A strategy or plan that outlines how a company will launch a product to market, including target audience, marketing tactics, and sales strategy. Essential for successfully launching products and capturing market share.
The study of how new ideas, products, and processes are developed and brought to market. Essential for fostering creativity and ensuring the continuous improvement and relevance of products.
The simultaneous pursuit of differentiation and low cost, creating a leap in value for both the company and its customers, often associated with Blue Ocean Strategy. Important for developing strategies that can open up new markets and create significant competitive advantages.
The process of determining whether there is a need or demand for a product in the target market, often through testing and feedback. Crucial for ensuring that a product will meet market needs and be successful.
A marketing strategy that delivers targeted advertising and content based on the context of the user, such as their behavior or environment. Crucial for improving user engagement and relevance of marketing efforts in digital products.
A marketing strategy that leverages satisfied customers to promote products through word-of-mouth and personal endorsements. Important for product managers and marketers to enhance brand loyalty and customer engagement.
An established company or market leader that holds a significant market share and has a strong presence in the industry. Important for understanding the dynamics between established players and new entrants in a market.
A market space that is already crowded with competition, where companies fight for market share, leading to intense rivalry and lower profitability. Important for understanding competitive dynamics and market saturation in strategic planning.
New Product Development (NPD) is the complete process of bringing a new product to market, from idea generation to commercialization. Essential for companies to innovate, stay competitive, and meet evolving customer needs through a structured approach to creating and launching new offerings.
The process of planning, executing, tracking, and analyzing marketing campaigns. Essential for ensuring the success and efficiency of marketing campaigns.
A framework for discovering and validating the right market for a product, building the right product features, and validating the business model. Important for ensuring that products meet market needs and customer expectations.
Customer Acquisition Cost (CAC) is the total cost associated with acquiring a new customer, including marketing and sales expenses. Essential for evaluating the efficiency and effectiveness of marketing strategies.
Obstacles that make it difficult for new competitors to enter an industry, such as high capital requirements, strong brand loyalty, or regulatory hurdles. Crucial for assessing the competitive landscape and the feasibility of entering a new market.
A marketing strategy that uses user behavior data to deliver personalized advertisements and content. Important for improving user engagement and conversion rates by providing relevant and timely information to users.
A marketing strategy where two brands collaborate to create a product or service that leverages the strengths of both. Crucial for expanding market reach and enhancing brand value through strategic partnerships.
A semi-fictional representation of an ideal customer based on market research and real data about existing customers. Essential for targeting design and marketing efforts to meet the needs and preferences of specific user groups.
The percentage of email recipients who open a given email. Important for measuring the effectiveness of email marketing campaigns.
Product Advisory Council (PAC) is a group of customers, industry experts, and stakeholders who provide feedback and guidance on a company's product strategy and development. Essential for aligning products with market needs and driving innovation.
A professional responsible for overseeing and optimizing a company's portfolio of products, ensuring they align with strategic goals and market demands. Crucial for managing a diverse range of products and maximizing their market impact.
The reduction in sales of a company's existing products due to the introduction of a new product by the same company. Crucial for understanding product strategy and market impacts of new product introductions.
Product Development is the process of bringing a new product to market or improving an existing one. Crucial for innovation, meeting customer needs, and maintaining a competitive edge.
The process of gathering and analyzing information about competitors to inform business strategy and decision-making. Essential for understanding market positioning and developing effective competitive strategies.
The use of social media platforms to connect with prospects, build relationships, and ultimately drive sales. Important for leveraging social media to enhance sales strategies.
A professional responsible for promoting a product and driving its adoption in the market, through strategies like market research, positioning, and communication. Crucial for ensuring that products reach their target audience and achieve commercial success.
The systematic approach to managing innovation processes, from idea generation to implementation. Crucial for effectively harnessing creativity and ensuring successful innovation outcomes.
The use of software to automate repetitive marketing tasks and workflows, improving efficiency and effectiveness. Essential for streamlining marketing processes and increasing productivity.
An organizational environment that encourages and supports creative thinking, risk-taking, and the pursuit of new ideas. Essential for fostering continuous improvement and breakthrough advancements.
The process of making small, continuous improvements to products, services, or processes over time. Important for sustaining growth and maintaining competitiveness through ongoing improvements.
The competitive advantage gained by the initial significant occupant of a market segment, which can lead to brand recognition and customer loyalty. Important for understanding the benefits and risks of being an early entrant in a new market.
The process of creating awareness and demand for a product or service through marketing activities. Crucial for driving interest and engagement in potential customers.
The level of awareness or popularity a product or brand has among consumers. Essential for understanding brand perception and guiding marketing and product design strategies to enhance visibility and user adoption.
The origins of visitors to a website, such as search engines, direct visits, social media, and referrals from other sites. Crucial for understanding and optimizing website traffic and marketing strategies.
A professional responsible for defining the strategic direction of a product, ensuring it aligns with market needs and business objectives. Essential for guiding product vision and ensuring long-term success.
A business culture that prioritizes product development and innovation as the key drivers of growth and success, often involving cross-functional collaboration. Crucial for fostering innovation and ensuring that product development is aligned with business objectives.
The systematic process of capturing, evaluating, and implementing ideas to drive innovation, reflecting a collective commitment to continuous improvement and product excellence. Essential for harnessing team creativity and maintaining the entrepreneurial spirit that characterizes successful product development.
The process by which consumers become aware of and learn about a brand. Important for establishing initial brand awareness and attracting potential customers.
A marketing technique focused on rapid experimentation across various channels and strategies to identify the most effective ways to grow a business. Important for quickly scaling businesses and achieving significant growth.
The ability of consumers to remember a brand when prompted by a product category. Crucial for understanding brand strength and effectiveness in marketing.
The strategy of placing a brand in the market to occupy a distinct and valued place in the minds of the target audience. Crucial for differentiating a brand and achieving competitive advantage.
The process of attracting and converting strangers and prospects into someone who has indicated interest in your company's product or service. Essential for building a sales pipeline and driving business growth.
A prioritized list of ideas and potential features for future product development, embodying a collective vision for innovation and improvement. Essential for managing creative input and maintaining an innovation pipeline that aligns with the team's entrepreneurial spirit and shared commitment to product excellence.
The practice of using an established brand name to introduce new products or services. Essential for leveraging brand equity to expand product lines and enter new markets.
The extent to which consumers are familiar with a brand and can recognize it. Crucial for establishing a strong market presence and driving customer acquisition.
A project or venture that starts from scratch, with no constraints imposed by prior work, enabling innovation and flexibility in development. Essential for recognizing opportunities for innovation and fresh development in business initiatives.
The comprehensive process of planning, executing, and overseeing all activities related to the introduction of a new product to the market. Crucial for coordinating efforts to ensure a successful product launch and achieving market impact.
Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, and Reverse (SCAMPER) is a creative thinking technique that encourages innovation in a product or process. Useful for generating new ideas and improving existing products or processes.
The process of changing the corporate image of an organization, including its name, logo, visual identity, and messaging, to better align with its strategic goals. Important for revitalizing a brand and aligning it with current market positioning and business objectives.
A design philosophy that emphasizes core design principles over rigid adherence to standardized processes. Essential for maintaining creativity and innovation in large-scale, process-driven environments.
An open-ended and creative approach to problem-solving or planning, often involving brainstorming and envisioning future possibilities without constraints. Useful for fostering innovation and creative thinking in strategic planning and ideation sessions.
A change management strategy that aligns people, process, and technology initiatives to improve performance and achieve business goals. Crucial for adapting to market changes and ensuring the organization's long-term success.