Marketing 2 Terms

Advertising

Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

Advertising Media

Means by which promotional messages are communicated to the public using words, speech or pictures

Agent

Represents another channel member as a sales representative but does not take ownership of product

Approach

When a salesperson makes initial contact with a customer

Boycott

Collective, organized, social pressure that encourages public to avoid a targeted company's products

Brand

Design, sign, symbol, words, or a combination of these, that identifies a product and differentiates it from its competitors

Brand Extension

Using an existing successful brand name for an improved or new product in a different product category

Brand Insistence

Exceptional customer loyalty to a product to the degree where a substitute will not be accepted

Brand Licensing

Legal authorization by a trademarked owner to allow another company to use it's brand for a fee

Brand Mark

Element (such as color, design, picture, symbol, typeface) of a brand that cannot be expressed in words

Brand Name

Word(s) that identify not only a product, but its manufacturer/producer, such as Apple, Sony, Toyota

Brand Preference

When a customer will choose a product in the presence of competing brands, but will accept substitutes

Brand Promise

Benefits and experiences that marketing campaigns try to associate with a product in their customers' minds

Business Cycle

Patterned fluctuation in economic activity that an economy experiences over a period of time

Channel Length

Number of individual entitites between the producer and the consumer

Channel of Distribution

The path that a product takes from producer or manufacturer to final user

Co-Branding Strategy

Combining two or more brands to increase customer loyalty and sales for each individual brand

Collective Bargaining

Process of negotiating the terms of employment between an employer and a group of workers

Consumer

The ultimate user of a product

Consumer Good

Tangible product purchased for personal use

Contraction

Period of economic decline characterized by high unemployment, falling wages and low inflation

Decline Stage

Fourth and last stage of a product life cycle characterized by decreasing revenue and fewer customers

Demographic Segmentation

Dividing a market into smaller groups based on personal characteristics (age, sex, etc.)

Diminishing Returns

Concept that states the level of profits or benefits gained decreases in relation to the amount of money or energy invested

Direct Distribution

Product moves from producer to buyer without the use of intermediaries

Distribution Intensity

The level of a product's availability within a specific market

Exclusive Distribution

When suppliers and distributors enter into an agreement that allows only one specific distributor to sell a product

Entrepeneurship

the activity of setting up a business or businesses and taking on financial risks in the hope of profit

Expansion

Period of economic prosperity characterized by decreased unemployment, rising wages & increased spending

Factors of production

general term that describes the inputs used in the creation of goods and services to make an economic profit

Forecasting

Using data from past and present and analysis of trends to plan for the future of a business

Franchise

a grant or right to sell a parent company's product or service within a given area

Generic Brand

A 'no-name' good that is not advertised and sold at a significantly lower price than comparable products

Geographic Segmentation

Dividing a market into smaller groups based on where people live

Grade

Product category, quality rating or rank

Growth Stage

Second stage of the product life cycle, characterized by little competition and accelerated sales

Indirect Distribution

When a product moves from producer to buyer with the help of intermediaries

Industrial Good

Tangible product purchased for use by a business

Institutional Promotion

Demonstrates the goodwill of an organization or individual to boost its public relation appeal

Inflation

Economic situation where prices increase faster than the value of goods and services

Intensive Distribution

When a supplier sells their product through as many different outlets as possible

Intermediary

Channel member that provides services as products move along channels from producers to consumers

Introduction Stage

First stage of the product life cycle, includes heavy cost to 'educate' consumer about product

Labor Union

An organization of workers united to protect and promote their common interests

Limited Warranty

Written statement that includes specific conditions that reduce manufacturer liability for a product

Line Contraction

Subtracting items from a product mix

Line Expansion

Adding items to a product mix

Lockout

Labor dispute strategy where the employer denies employees access to the place of work

Market

A group of all potential customers, with common needs and wants and the ability & willingness to buy a product

Market Position

Ranking of a brand, product or company in terms of sales volume relative to its competitors in the same market

Market Share

Percentage of total sales volume in a particular market

Market Segment

Identifiable group of individuals, businesses, or organizations, sharing one or more characteristic or need

Marketing

The process of developing, promoting, and distributing products to satisfy customer needs and wants

Marketing Mix

The four basic marketing strategies; price, product, place, and promotion

Marketing Plan

Document that describes activities involved in achieving marketing objectives within a set time frame

Marketing Research

Scientific discovery methods applied to marketing decision making

Marketing-Information Management

Monitoring the marketplace, organizing and analyzing the data and developing strategies

Mass Marketing

Using the same promotional strategy to cover all possible market segments

Maturity Stage

Longest stage of the product life cycle during which, sales peak and start to decline

National Brand

Brand owned and promoted by a large manufacturer

Objection

Hesitation or concern raised by a customer during the sales process

Partnership

a legal agreement between two or more people to be jointly responsible for the success or failure of a business

Patronage

Financial support or business provided to a store, hotel, or the like, by customers, clients, or paying guests

Peak

Phase of the business cycle when the economy becomes unsustainable and spending slows

Picketing

Action by unionized workers to gather support by assembling near the entrance to an employers premises

Positioning

Marketing a product in order to get customers to think of it in a specific way

Pricing

Area of business that determines the cost to the public of a companies products

Primary Research

Obtaining information directly for a particular problem in marketing research

Producer

Uses resources to create a product

Product

Good or service created as part of a process that serves a need or satisfies a want

Product Depth

The number of unique items in a product line

Product Life Cycle

The process that a product goes through in its existence. Introduction, Growth, Maturity, Decline

Product Line

A group of closely related products that are manufactured or sold by a business

Product Management

Overseeing the development, marketing and sale of an item throughout the entire life cycle

Product Mix

All of the different products that a company makes or offers for sale to the public

Product Promotion

Focuses on features and benefits to encourage the sale of a good or a service to a target market

Product Width

The number of unique product lines in a product mix

Promotion

Any form of communication a business or organization uses to inform, persuade, or remind

Proprietary Information

data, such as formulas, processes or methods used in production that a company wishes to keep sercret

Psychographic Segmentation

Dividing a market into smaller groups based on hobbies and habits

Publicity

Outside media attention for your product, service, business, or organization

Qualitative Data

Descriptive information and data that can be recorded in research but is non-numerical in nature

Quantitative Data

Numerical information gathered in research that can be transformed into useable statistics

Retailer

An outlet, through which, products or services are most commonly sold to customers

Return on Investment

the practice of attributing profit and revenue growth to the impact of marketing initiatives

Sales Promotion

Stimulation of consumer activity through contests, givaways, demonstrations and games

Scarcity

basic economic problem of having unlimited wants but limited resources to satisfy them

Secondary Research

Using facts that have already been collected for another purpose as a resource in aiding a marketing decision

Selective Distribution

When a supplier intentionally uses only a few retail outlets to cover a geographical area

Selling

Matching the characteristics of a product to a customer's needs and wants

Service

Product that has value but is not tangible; task performed for a customer

Strike

Organized stoppage of work by employees to force acceptance of their demands by the employer

Sole Proprietorship

A business that is owned and operated by one person

Suggestive Selling

Recommending a smaller, complementary additional purchase to increase satisfaction of original purchase

Supply

the amount or quantity of products that manufacturers are willing to produce and provide at a certain price

Supply chain

Network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product

SWOT Analysis

a technique for assessing the performance, competition, risk, and potential of a business, a decision or product line

Target Market

Particular market segment at which a marketing campaign is focused

Touch Point

Location of interaction of any kind between a business and its customers

Trade Character

Animals, people or objects, real or fictional, used to advertise a product