Glossary of Terms
Packaging
Packaging is the material that holds a product. More specifically, it is the visual
impression that a product gives a customer when they look at it.
Brand
A brand is an emotional connection with a company, a product, or a service. It
is a perception of something, not the reality.
Brand equity
Brand equity refers to the additional price that a company can charge
because of the strength of its brand. It is the extra value that a customer places
on a product or service because of its association with a brand.
Brand story
A brand story is a narrative about a company and its customers that creates a
meaningful connection between the two. It uses a simple plot and memorable
characters to increase customers’ interest in the company and its products and
services.
Pitch
Pitching means negotiating strongly to get someone else to do what you want.
Usually this term is used when you are trying to get customers to buy your
product or service, to get investors to fund your business, or to convince
someone to join your team.
Positioning
Positioning is a specific aspect of a company’s brand. It refers to the way a
customer thinks about a brand in reference to its competitors.
Horizontal Positioning
Horizontal positioning is a way for a company to set itself apart from competitors
by focusing on how it is meant only for certain kinds of people. This appeal to
lifestyle and attitude is meant to entice customers who want to be perceived in
the same way.
Vertical Positioning
© 2015 Tony Elumelu Foundation
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Vertical positioning is a way for a company to set itself apart from competitors
by focusing on how much better or cheaper it is.
Sales Strategy
A sales strategy is the way that you will sell your company’s solution to your
target customers. Specifically, it is a comprehensive plan that lets your
company’s sales team focus on key customer segments and communicate with
them in meaningful, relevant ways.
© 2015 Tony Elumelu Foundation
All Rights Reserved