Chapter 2 Marketing Terms

customer excellence

providing proper customer service to customers for a product or service enabling them to keep coming back

operational excellence

having high efficiency and effectiveness with the output/production of your product or service to allow for higher customer experience

product excellence

having a high perceived value by consumers on your product or service making them prefer it over competitors

locational excellence

having your product or service available to consumers when they want it

marketing plan

business mission, SWOT analysis, review opportunities, implement marketing mix, and evaluate performance

mission statement

broad description of a firm’s objectives and scope of activities

market segment

consists of consumers who respond similarly to a firm’s marketing efforts

market positioning

process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

integrated marketing communications (IMC)

includes advertising, personal selling, sales promotion, public relations, direct marketing, and online and social media marketing

metric

a measuring system that quantifies a trend, dynamic, or characteristic