Introduction to Marketing: Types, Strategies, and Industry Vocabulary

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

American Marketing Association (AMA)

An organization that defines marketing and reviews definitions every 3 years.

Influencer Marketing

Leveraging individuals who have influence over buyers, targeting influencers rather than customers.

Relationship Marketing

Strategies and tactics for segmenting consumers to build loyalty.

Viral Marketing

Marketing phenomenon that facilitates and encourages people to pass along a marketing message.

Green Marketing

Products that are presumed to be environmentally safe and efforts to produce, promote, package, and reclaim products in a manner that is sensitive to ecological concerns.

Guerrilla Marketing

Unconventional and creative marketing strategy intended to get maximal results from minimal resources.

The Four P's of Marketing

Product, Price, Place, Promotion.

Product

Examples include horse, lessons, boarding, training, semen.

Price

What customers are paying, what competitors are charging, supply/demand, knowing your market.

What is a horse worth?

Whatever someone will pay for it!

Place

What avenues can you think of to sell your product? Examples include auction, raffle, consignment, private treaty.

Promotion

Includes earnings, results, advertisements, videos, images, progeny.

Marketing: In a Nutshell

Set goals, determine your target audience, create advertisements to fit target audience, be visible, build a positive reputation, establish a relationship with your customers/community, meet target audience needs.

OTTB

Off-the-Track Thoroughbred, a horse that has raced and is now retired from racing.

ISO

International Organization for Standardization, a body that develops and publishes international standards.

Stallion

An uncastrated male horse, typically used for breeding.

OBO

On Behalf Of, often used in transactions or agreements.

Gelding

A castrated male horse.

Lease

A contractual arrangement where one party allows another to use a horse for a specified period.

Sire

The male parent of a horse.

In-utero

Referring to a horse that is still developing in the womb.

Foal

A young horse, typically less than one year old.

Dam

The female parent of a horse.

Weanling

A young horse that has been weaned from its mother.

Cryptorchid

A male horse whose testicles have not descended.

Yearling

A horse that is between one and two years old.

Ridgling

A male horse that has one or both testicles retained in the abdomen.

Filly

A young female horse, typically under four years old.

By

Indicates the sire of a horse in pedigree terms.

Mare

An adult female horse.

Out Of

Indicates the dam of a horse in pedigree terms.

Colt

A young male horse, typically under four years old.

Untouched

A horse that has not been handled or trained.

Finished

A horse that has completed its training and is ready for competition.

Registered

A horse that is officially recorded with a breed association.

Show Experience

Refers to a horse's participation in competitive events.

Papered or 'has papers'

Indicates that a horse has official documentation proving its pedigree.

Producer

A horse that has successfully sired or produced offspring.

Grade

A horse that is not registered with a breed association.

Money Earner

A horse that has won money in competitions.

Prospect

A horse that shows potential for future success in competitions.

Schoolmaster

A well-trained horse that is used to teach riders.

Started

A horse that has begun training but is not yet fully trained.

Champion

A horse that has won a significant title or award in competitions.

Unbroke

A horse that has not yet been trained to accept a rider.

Black Type

Refers to horses that have performed well in stakes races.

Green-broke

A horse that has had some training but is not fully trained.

Graded/Group

Refers to races that are classified based on the quality of the horses.

Halter-broke

A horse that has been trained to accept a halter.

Handicap

A race in which horses carry different weights to equalize their chances of winning.

Point Earner

A horse that has earned points in competitions towards a title.

Maiden

A horse that has never won a race.

Double Registered (AQHA/APHA)

A horse that is registered in two associations, such as the American Quarter Horse Association and the American Paint Horse Association.

Pasture Sound

A horse that is sound and healthy enough to live in a pasture.

Foundation Bred

A horse that comes from a lineage of horses known for specific traits.

Advanced Rider Recommended

A horse that is suitable for experienced riders due to its training and temperament.

Stock-Type

Refers to breeds of horses that are used for working with cattle.

Bombproof

A horse that is exceptionally calm and unflappable in stressful situations.

Riding Horse

A horse that is trained for riding.

Beginner Friendly

A horse that is suitable for novice riders, typically calm and forgiving.

Hack Winner

A horse that has won in hack classes, which judge horses on their suitability for riding.

'Husband Horse'

A horse that is safe and suitable for a spouse or partner to ride.

Nominated

A horse that has been entered into a competition or event.

All-Around

A horse that excels in multiple disciplines.

Register of Merit (ROM)

An award given to horses that have achieved certain performance standards.

Futurity Horse

A horse that is eligible for futurity events, which are competitions for horses of a certain age.

Superior

A designation for horses that have achieved a high level of performance.

Snaffle Broke

A horse trained to respond to a snaffle bit, which uses direct pressure.

Freshman Sire

A stallion that has produced its first crop of foals.

Bridle Horse

A highly trained horse used in specific disciplines.

Junior Sire

A stallion that is younger and has not yet produced many foals.

Registry

Increases a horse's value by increasing the number of showing opportunities.

Catalog

Booklet of sale horses including information like pedigree, race records, and basic details.

RNA

Reserve not met, same as no-sale.

Consignor

Agent of owner or individual responsible for arranging horse sale.

Commission

Fee paid to the consignor for arranging the sale.

Cribber

A horse that exhibits a cribbing behavior, where it bites on a solid object and pulls back.

UTD

Up to date; generally lists out vaccines, testing, hoof care, deworming, and dental care.

Hip Number

Predetermined number assigned to a horse, usually a sticker on the hip.

In Your Pocket

Refers to a horse that is easy to handle and manage.

Out

Cataloged horse removed from sale by consignor.

Quirks

Unique behaviors or characteristics of a horse.

No-sale

Horse brought into ring, but bidding did not advance to meet consignor minimum price.

Repository

A collection of radiographs available for view by vets at larger sales, particularly for racehorses.

Project

Horses priced lower because they need significant training in the desired discipline.

Reserve

Minimum price a consignor is willing to sell a horse for; some horses sell without a reserve, so the high bid wins.

Is a '10'

Would expect them to be excellent movers at the specified gait/technique.