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Target Marketing
The process of communicating with a particular group who is most likely to become customers. A target market is usually defined by demographic, geographic and psychographic characteristics.
Market
All people who share the same wants and who have the ability to purchase a specific product or service.
Diaries
A qualitative marketing research technique where participants are asked to record activities, opinions, etc…in a journal or diary.
Mobil Marketing
Promotional messages designed for cell phones, smart phones, tablets or other handheld devices.
Competitive Advantage
A circumstance that puts a company in a favorable or superior business position.
Financial Analysis
Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.
Security Policies and Procedures
Consists of rules or regulations that protect a business and it’s assets.
Regulations
A rule, often created by a regulatory agency or government, that can be enforced by law.
Branding
Creating a unique image or reputation for a product or company through the development of a name, brand mark and promotion.
Continuing Education Courses
A broad term for post-secondary training - including: formal education, webinars, seminars and other training opportunities.
Emotional Intelligence
The ability to identify, assess and influence one’s own feelings and those of others.
Press Release
An announcement made by a business that is sent to the media.
Product Bundling
Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices.
Product Marketing
Refers to the marketing of a tangible good or a service - including, developing the product, identifying the target market, and determiming price, promotion and distribution of the product.
Market Size
Refers to the number of buyers and sellers within a market.
Communication Skills
The ability to convey information to another effectively and efficiently.
Advertising
A form of paid, non personal promotion in which a company promotes an idea, good or service through a variety of media.
Product/Service Management
The process of creating and changing the information about a company’s catalog of offerings.
Operations
Jobs or tasks consisting of one or more elements performed typically in one location.
Warranties
A promise that is given to a consumer that a product will meet certain standards.
Causal Research
A study into an issue or topic that looks at the effect of one thing or variable on another.
Questionnaire
Written questions, used in marketing research, to obtain information from respondents.
Standards
Used generally as an example or model to compare or measure the quality or performance of a practice or procedure.
Channels of Distribution
Refers to the path a product takes from producer to the final consumer.
Press Kit
A package of promotional materials sent to the media to inform them about a product.
Terms
Outlines the conditions of a sale, such as when payment is due or shipping method/cost.
Marketing
The process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for a business.
Sales Data
Usable information collected as part of a sales report - that could include such data as: sales by day, sales by product category, average items per transaction, etc…
Trade Show
An event at which business within the same or similar industries promote their products.
Market Identification
The process of a marketer in identifying the most profitable areas to offer a new product or service.
Visual Merchandising
Conveying a certain image to customers through the manipulation of physical elements within a business.
Business Image
The public perception of a business.
Post-Sales Experience
Includes activities directed toward the customer AFTER the customer has made the purchase - it may include a follow-up thank you, survey or other promotional activity to retain the customer.
Pricing
The value placed on a good or service.
Direct Marketing
Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience.
Market Planning
The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it.
Customer Relations
The way a business interacts with its customers in order to obtain new customers while maintaining the current customer base.
Observations
Used in marketing research in which people’s actions are watched and recorded.
Cash Flow
Refers to the amount of money coming into and going out of a business.
Professional Development
Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/ or advancement
Primary Information
Data gathered for the first time for a specific product, service and/or business.
Display Ads
A large advertisement - typically in a magazine or newspaper, with large graphics. Also refers to online advertisements that may also include video and audio.
Grades
Used to describe the quality of a product.
Product Positioning
A strategy that either emphasizes features or image to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.
Distribution
The function of moving and selling goods from producer to consumer.
Social Platforms
Consists of software or technology that allows one to develop, distribute and manage social media.
Quality Insurance
Includes the processes used to ensure a product is free of defects and/or meets a desired level of service.
Sales Forecast
The projection of future sales.
Clientele
All of the clients of a business.
E
Explanatory Research
A study into a problem that provides details where a small amount of information exists. It may use a variety of methods such as trial studies, interviews, group discussions, experiments, or other tactics for the purpose of gaining information.
Secondary Research
Data that has been previously collected for non-marketing activity and is available for a business’ use.
Amenity
Hotel products and services designed to appeal to guests.
Promotion
Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers.
Safety Procedures
Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers.
Tourism
Travelling for leisure, recreation or pleasure.
Marketing Research Brief
A written document that includes a market and strategic overview, background information, role of research, objectives, suggested approach and research target, reporting requirements, timing, budget and existing research or other information related to the study.
Branding
Creating a unique image or reputation for a product or company through the development of a name, brand mark and promotion.
Channel Management
Also known as distribution, channel management deals with getting goods to consumers.
Product Extensions
Utilizing a current company’s recognizable brand name to introduce a new or upgraded product.
Special Events
A public event or activity, used in marketing to promote a business or product.
Economic Impact
The costs or benefits that a particular event, policy change or situation has on the economy.
Data Collections Instrument
To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications.
Vendor
An individual or organization with a product for sale.
Public Relations
Promotional activities that are designed to create a good image with the public.
Promotional Mix
The combination of advertising, personal selling, sales promotion and public relations used to accomplish an overall marketing strategy.
Product Mix
All of the different products and/or services a company makes or sells.
Bias
Inaccuracy in data due to the characteristics of the process employed in the creation, collection, manipulation, and presentation of data, or due to faulty sample design
Advergaming
Utilizing a video game to promote a product by integrating that product into the video game.
Correlations
Refers to connections between two or more variables in a market research study; correlational analysis uses statistics to determine if a correlation, or connection, exists.
Product Life Cycle
The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline.
Suggestion Selling
Selling additional goods or services to a customer.
Sales Promotions
All marketing activities other than advertising, public relations, and personal selling that are directed at a customer to increase sales.
Invoice
A document that lists goods purchased, price, terms of sale and total amount due.
Descriptive Research
A statistical study to identify patterns or trends in a marketing situation.
Economics
Attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction.
Executive Summary
A statement that outlines the key points of larger document, such as a marketing plan.
Internal Business Correspondence
Communication and promotional efforts aimed at individuals or groups within an organization.
Buzz Marketing
Develops from a viral marketing technique used to get consumers talking about a product.
Gurantees
A commitment from a company that their product will perform as described.
Information Management
Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business
Expense Control
Identifying and reducing business expenses in order to increase profits.
Hospitality
A variety of businesses who serve people who are away from home.
Market Identification
The process of a marketer in identifying the most profitable areas to offer a new product or service.
Social Platforms
Consists of software or technology that allows one to develop, distribute and manage social media.
Petty Cash Fund
A small amount of cash kept on hand by a business to cover incidental expenses.
External Business Correpopndence
Communications and promotional efforts aimed at individuals or groups outside of an organization.
Descriptive Statistics
Utilized in marketing research when mathematical quantities are used to interpret a set of data, providing a simple summary about the data.
Cash Controls
Procedures established by a business relating to credit, collection, cash allocation and disbursements, accounts payable and invoicing.
