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A visual dictionary of business essentials. New concepts posted weekly
Showing 18 concepts
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Anchoring
The first number you hear quietly sets the price for everything that follows. Your brain calls it a starting point. Your wallet calls it expensive.
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Brand Equity
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Break Even Point
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Cash Flow vs. Profit
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Confirmation Bias
Your brain is a defense attorney for what you already believe. It collects every piece of evidence that supports your case and discreetly forgets the rest.
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Customer Acquisition Cost (CAC)
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Customer Lifetime Value (CLC)
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Endowment Effect
The moment you own something, you start to value it more than the person who wants to buy it from you. The thing has not changed. You have.
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Loss Aversion
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Market Segmentation
Everyone is not your customer. The market is a crowd of very different people, and the first job of marketing is to figure out which slice of that crowd is actually yours.
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Minimally Viable Product (MVP)
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Opportunity Cost
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Positioning
Positioning is not what you say about your product. It is the small, specific place your product occupies in your customer's mind. Get it right and selling becomes easier. Get it wrong and you spend forever shouting.
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Pricing Strategy
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SWOT Analysis
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Status Quo Bias
Doing nothing feels like the safe choice. It almost never is. The default is making a decision for you, whether you noticed it or not.
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Sunk Costs
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Targeting
You have segmented the market. Now you have to choose. Targeting is the decision about which group you are actually going to fight for, and which groups you are willing to let go.
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