GuidesGuides For Newcomer Entrepreneurs A Newcomer’s Guide to Marketing your Small Business in Saskatchewan GLOSSARY: A Newcomer’s Guide to Marketing your Small Business in Saskatchewan

GLOSSARY: A Newcomer’s Guide to Marketing your Small Business in Saskatchewan

  • Personality means the qualities that make someone or something interesting.
  • Desire is a want or wish for something.
  • Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on characteristics. The segments, or groups, are made up of consumers. These consumers react in the same way to marketing strategies. These groups of consumers, or segments, share similar qualities, such as living in the same area, or have similar interest or needs.
  • Multinational corporation are large companies with a head office in one country that also sells goods and services in several other countries. McDonald’s, Costco, and Walmart are examples of multinational corporations.
  • The term Diaspora comes from the Greek word meaning “to scatter about.” That is exactly what the people of a diaspora do – they scatter from their homeland to places across the globe, spreading their culture as they go.
  • A Market Segment is a group of people who share one or more common characteristics. Each market segment is unique.
  • Client is another word for customer.
  • Demographics are the characteristics of the customers you have, or might have, that you can measure. Examples of demographics are income, age, location, and education.
  • Psychographics are the attitudes, opinions, interests, values, and lifestyle choices of your target customer market.
  • Sustainable means the ability to continue for a long time.
  • Direct competition is when two or more businesses offer the same product or service and compete for the same market. McDonalds and Burger King are direct competitors.
  • Indirect competition is when two or more businesses offer different products or services and compete for the same market. McDonalds and Pizza Hut are indirect competitors.
  • Market position is what a customer thinks about your product or service.
  • Your ideal client must value your market positioning. If your positioning takes care of a specific frustration common to your industry, then many of your customers may value it.
  • Niche is a specialized market.
  • Resonate with is when something has a special meaning or importance for someone
  • An elevator pitch is a short, concise explanation of who, where, what and why you and your business is, or will be (pre-startup). It is not technical, or detailed. It is an introduction to make your audience want to know more, or just know who you are.

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