Marketing Business Administration Core Vocabulary (2)

Marketing

The process of creating, communicating, delivering, and exchanging value to customers.

Market

All potential customers who share a common need or want and are able to purchase a product.

Target Market

A specific group of customers a business aims to reach.

Market Segmentation

Dividing a market into distinct groups based on characteristics such as demographics, psychographics, or behaviors.

Demographics

Statistical data about populations, including age, gender, income, education, and occupation.

Psychographics

The study of consumers’ lifestyles, values, attitudes, and interests.

Geographics

Segmenting a market based on location, region, or climate.

Behavioral Segmentation

Dividing a market based on consumer knowledge, usage, or response to a product.

Marketing Mix

The combination of product, price, place, and promotion used to reach a target market.

Product

Anything offered to satisfy a customer’s need or want.

Product Mix

The complete set of products a company offers.

Product Line

A group of related products offered by a business.

Brand

A name, term, design, or symbol that identifies a product or business.

Brand Identity

How a company visually and verbally communicates its brand to customers.

Brand Equity

The added value a brand name provides to a product.

Positioning

How a product is perceived in the minds of consumers relative to competitors.

Unique Selling Proposition (USP)

The distinct feature or benefit that sets a product apart from competitors.

Price

The amount of money charged for a product or service.

Pricing Strategies

Methods used to set prices, such as penetration, skimming, or competitive pricing.

Place

The locations or channels used to make a product available to customers.

Distribution Channel

The path a product takes from producer to consumer.

Promotion

Methods used to communicate information about a product to persuade or inform customers.

Advertising

Paid, non-personal communication promoting a product or service.

Public Relations

Activities designed to build a favorable image of a business.

Personal Selling

Direct communication between a sales representative and a customer to make a sale.

Sales Promotion

Short-term incentives to encourage the purchase of a product.

Direct Marketing

Communicating directly with customers through emails, catalogs, or calls.

Social Media Marketing

Using online platforms to promote products and engage with customers.

Relationship Marketing

Building long-term relationships with customers to encourage repeat business.

Customer Loyalty

The likelihood of customers to repeatedly purchase from a company.

Customer Retention

Strategies to keep existing customers over time.

Feature

A characteristic of a product or service.

Benefit

The advantage or value a customer gains from a product feature.

Objection Handling

Responding to customer concerns or hesitations during the sales process.

Upselling

Encouraging customers to purchase a more expensive or upgraded product.

Cross-Selling

Selling complementary or related products to the customer.

Sales Forecasting

Estimating future sales based on historical data and market analysis.

Marketing Research

Collecting and analyzing data to make marketing decisions.

Focus Group

A small group discussion used to gather feedback on products or ideas.

Survey

A method of collecting data from a larger audience about preferences or opinions.

Product Life Cycle

The stages a product goes through: introduction, growth, maturity, and decline.

Brand Loyalty

A consumer’s consistent preference for one brand over others.

Packaging

Designing the container or wrapper for a product to attract customers and provide information.

Point of Sale (POS) System

Software and hardware used to process sales transactions and manage inventory.

Customer Relationship Management (CRM) Software

Systems used to manage customer interactions and data.

Promotional Mix

The combination of advertising, sales promotion, personal selling, public relations, and direct marketing.