Goldilocks Effect
The psychological phenomenon where people prefer options that are not too extreme, but just right. Crucial for designing products and experiences that cater to the majority preference.
86 topics found for:
“consumer behavior”
Product Differentiation
The process of distinguishing a product from its competitors through unique features, benefits, or branding to attract and retain customers. Crucial for creating a competitive advantage and capturing market share.
Brand Extension
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.
Brand Equity
The value a brand adds to a product or service beyond the functional benefits, encompassing factors like brand awareness, perceived quality, and customer loyalty. Crucial for understanding the long-term value of a brand and its impact on business success.
Exposure Effect
A psychological phenomenon where repeated exposure to a stimulus leads to an increased preference for it. Useful for designing marketing and user engagement strategies that increase familiarity and preference.
4 P’S Marketing Mix
The four key elements of marketing: Product, Price, Place, and Promotion, used to develop marketing strategies. Important for creating comprehensive marketing strategies that effectively promote digital products.
Market Gaps
Areas of unmet demand in a market where opportunities for growth and development exist. Essential for identifying new business opportunities.
Strategic Differentiation
The process of distinguishing a product or service from its competitors in a way that is meaningful to the target market. Important for creating a unique value proposition and gaining a competitive edge.
Less Is Better Effect
A cognitive bias where people prefer a smaller set of higher-quality options over a larger set with lower overall quality. Useful for designing product offerings and experiences that emphasize quality over quantity for users.
Captive Product Pricing
A pricing strategy where a core product is sold at a low price, but complementary products are sold at higher prices. Useful for designing pricing strategies that maximize revenue from complementary products.
Cannibalization
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.
Buyer Persona
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.
Product Development
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.
Overchoice
The phenomenon where having too many options leads to decision-making paralysis and decreased satisfaction. Crucial for understanding and designing user interfaces that avoid overwhelming users with choices.
Open Rate
The percentage of email recipients who open a given email. Important for measuring the effectiveness of email marketing campaigns.
Newsjacking
The practice of leveraging current events or news stories to promote one's brand or product. Crucial for increasing brand visibility and engagement.
MoT
Moment of Truth (MoT) refers to any instance where a customer interacts with a brand, product, or service in a way that leaves a significant impression. Crucial for identifying key touchpoints in the customer journey and optimizing them to enhance overall user experience and brand perception.
Merchandising
The strategic promotion, placement, and persuasive presentation of digital products or services within an online platform to maximize sales, engagement, and user satisfaction. Important for optimizing the visibility, appeal, and persuasive impact of digital offerings, enhancing user experience, and driving conversions in online environments.
CPM
Cost Per Thousand (CPM) is a metric used in advertising to denote the cost of 1,000 impressions or views of an advertisement. This metric is crucial for measuring and optimizing advertising spend and reach.
Marketing Canon
A set of fundamental principles and guidelines that inform and shape marketing practices. Crucial for maintaining consistency and ensuring high-quality marketing outcomes.
Content Ecology
The dynamic system of content creation, distribution, and interaction within an environment. Important for understanding how content flows and interacts within a system.
White Space
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.
Target Audience
A specific group of people identified as the intended recipient of an advertisement or message. Essential for tailoring marketing efforts and achieving effective communication.
Choice Paralysis
A situation in which an individual is unable to make a decision due to the overwhelming number of options available. Important for designing interfaces that streamline decision-making processes for users.
Channel
A medium through which a product or service is delivered to a customer, including physical and digital channels. Crucial for understanding how products and services reach end users.
KYC
Know Your Customer (KYC) is a process used by businesses to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. Essential for preventing fraud, money laundering, and terrorist financing, particularly in financial services, while also ensuring compliance with regulatory requirements and building trust with customers.