Marketing Cluster Words

#4

Marketing

action or business of promoting & selling products or services, including market research and advertising

Advertising

A paid form of communication from an identifiable source, delivered through a communication channel, & designed to persuade the receiver to take some action, now or in the future

AIDA Model

common model of the series of metal stages through which consumers move as a result of marketing communications: Awareness+Interest=Desire — = Action

Brand

Name, term, design, symbol, or any other features that identify one seller’s good/service as distinct from those of other sellers

Cobranding

practice of marketing 2+ brands together

Concentrated (niche) segmentation strategy

selecting a single, primary target market & focusing all energies on providing a product to fit that market’s needs

Differentiated segmentation strategy

A strategy through which a firm targets several market segments

with a different offering for each.

Everyday Low Pricing (EDLP)

strategy companies use to emphasize the continuity of their retail prices at a level somewhere between the regular, non-sale prices & the deep-discount sale prices their competitors may offer

Impulse buying

buying decision made by the customers on the spot when they see merchandise

Loyalty Program

specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time

Marketing Mix (4 P’s)

basis of most marketing plans: identify- Product, Price, Place, Promotion

Niche Marketing

plan to serve a specific demographical, geographical, psychographics slice of market place

Positioning

mental picture people have about a company & its products/services relative to competitors

Pull strategy

designed to get customers to pull the product into the supply chain by demanding retailers carry it

Push strategy

designed to increase demand by focusing on wholesales, distributors, or salespeople who push the product to consumers via distribution channels

Target Market

customer segment/group to whom the firm is interested in selling its products and services

SWOT Analysis

strategies planning tool used to identify an organization’s internals Strengths & Weaknesses, and external Opportunities & Threats; Any threats from moving our operations into a new country & do the benefits counteract the negatives?

Distribution Channels

What new channels will you develop to gain the most amount of consumers in a foreign country? ; pathways, like retailers, wholesalers, & the internet, that more products from manufacturers to the end consumer

Product Growth Strategies

What strategies to implant to gain the most attraction? ; Market development, Market penetration, Product development, Acquisition

Brand Promise

benefits & experiences that marketing campaigns try to associate w/ a product in its current & prospective consumers’ minds

Promotional Plan

outline of the marketing tools, strategies,& resources that a company intends to use to promote a product or service; usually considered a vital planning tool by most business managers that helps contribute toward successful launch of a new product/service or its expansion into a new market

Internal Audience

public relations term that refers to individuals/ groups within or closely associated with an organization

Exclusive Distribution

situation where suppliers & distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product

Slotting Allowances/Slotting Fee

fee charged to produce companies or manufacturers by supermarket distributors (retailers) in order to have their product on shelves (pay-to-stay)

Consumer Choice

range of competing products & services from which a consumer can choose 

tariff

tax/duty to be paid on particular class of imports or exports; or- fix the price of something according to the tariff

Scrambled Merchandising

when a shop sells goods that are usually sold by another type of shop, in order to increase profits or attract new customers

Product- Life- Cycle

cycle through which every product goes through from intro to withdrawal/eventual demise

Growth

strong growth in sales & profits which allows more money to invest in promotion

Maturity

product establishment and aim for manufacturers is now to maintain market share they built up; this is probably the most competitive time for most products & businesses need to invest wisely in any marketing they undertake

Decline

the market for a product will start to shrink: shrinkage could be due to market becoming saturated ( all customers who will buy it already bought it) or because consumers are switching to a different type of product

Trade Association

group/organization that serves the people in a given field

Monopoly

a business with no competition

Trade Journals

a publication that serves as a specific industry

Customer Relationship Management

create relationship w/ customers through personal communication

Brand promise

statement that lets the customer know they can expect from a company’s product/service

Market Economy

government not involved in business, decisions made by individuals & companies

Purchasing

preparing a plan & buying goods a business will use for production

Demand

amount of an item that customers are willing to buy at a given price

Profit

amount of money after costs & expenses have been covered

direct marketing

Marketing that communicates directly with target customers to generate a response or transaction.

brand identity

A company's brand identity is how that business wants to be perceived by consumers.

FRUGGING

unethical practice where organizations pretend to conduct market research surveys to trick people into donating money or providing personal info, rather than genuinely gathering data, damaging public trust in legitimate research and charities

tort

is a civil wrong or wrongful act that causes harm or injury to another person or their property, leading to legal liability

psychographics

consumers' psychological traits—their values, attitudes, interests, lifestyles, and opinions

geographics

location (ex. country, city, zip code)

demographics

statistical traits of a population (like age, income, gender, location, education, occupation)

bait-and-switch

Luring customers with a low-priced item, then pushing a costlier substitute

ROI

a financial metric used to evaluate the profitability of an investment by comparing its gain or loss relative to its cost

market penetration

measures how many of your potential customers you've reached