Marketing Glossary

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controls

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the mechanisms and measures that allow you to evaluate your progress and achievement of your objectives

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implementation

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concretely carrying out the actions you planned and setting a timetable for their completion

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marketing mix

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framework that spells out how marketing objectives will be achieved via strategies and tactics for four elements, the four Ps: products, price, promotion, place

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marketing plan

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document assembled at the outcome of the planning process that details each of its steps

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marketing planning process

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the process of researching the marketing environment, establishing objectives, formulating strategies and tactics to achieve these objective, and implementing and evaluating the impact of activities used to execute the strategies

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marketing strategy

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long-term plan of action designed to achieve the marketing objectives

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tactics

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short- to mid-term activities that will be carried out to put the strategy into action

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environmental analysis

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part of the broader situation analysis, it includes a detailed analysis of the socio-cultural, economic, as well as political and legal environment in which you will compete

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situation analysis

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detailed research and analysis of the environment you will be competing in, designed to provide you with vital information to formulate other key portions of your marketing plan (such as objectives, strategies, and tactics)

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SWOT analysis

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a type of analysis designed to examine internal (strengths, weaknesses) and external (threats, opportunities) factors that can influence your ability to achieve your objectives

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goals

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meaningful things you truly want to accomplish

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marketing objectives

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short-term distinations along the path toward longer-term organizational or personal goals

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needs

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the reason, purpose of underlying actions. May be physiological or psychological in nature

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values

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central beliefs that guide your actions and decisions. They may be instrumental (modes of conduct; "to be or to act") or terminal (desired end states; "to have")

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augmented product

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the entire bundle of benefits or features in the core product

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brand

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any combination of characteristics that uniquely identifies the product of one seller

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brand advocates or brand ambassadors

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consumers who spread positive word-of-mouth, adding to and becoming part of the buzz around a brand

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brand commitment

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when a customer experiences such a deeply rooted and emotional connection with a brand that he or she is willing to exert extraordinary effort to buy the brand

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compatibility

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the degree to which a new product is consistent with customers' values, knowledge, past experiences, and needs; also influences adoption

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complexity

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the level of difficulty in understanding and using a new product

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consumer adoption process

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the process through which consumers eventually adopt or reject a product, from becoming aware of the product's existence, to interest, evaluation, trial, and eventually adoption

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consumer innovators

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people who purchase new products as soon as they reach the market

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convenience products

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goods and services that consumers purchase frequently, immediately, and with little effort

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core product

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the basic benefit or key feature at the heart of what an organization offers to its customers

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CRM

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customer relationship management, a business philosophy that focuses on the long-term value of a customer and attempts to nurture relationships with consumers

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customer satisfaction

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a confirmation or disconfirmation of expectations

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decline stage

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period when innovations or changes in customer preferences result in declining industry sales

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diffusion process

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concentrates on all members of a community or social system in making purchase decisions

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early adopters

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people who often look to the innovators for advice in making purchase decisions

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early majority

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people who follow the early adopters in making purchase decisions

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emergency products

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products purchased in reponse to unexpected and urgent needs

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expectations

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set in part by marketers by advertising, promotions, brand names, distribution, and product packaging

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growth stage

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period when new customers make their first purchases and early buyers repurchase the product

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impulse products

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products that are purchased on the spur of the moment

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introductory stage

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period when organizations and individuals focus their marketing efforts on stimulating demand for their new product

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laggards

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people who are among the last to adopt new products

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late majority

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people who follow the early majority in making purchase decisions

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maturity stage

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period when sales and profits continue to grow but then reach a plateau as the number of potential customers declines

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observability

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the extent to which the benefits of a new product can be observed by potential customers

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product lifecycle

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the various stages a product goes through as it ages; typically marked by different levels of sales

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quality assurance

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intended to identify and solve, even before they occur, potential problems or breakdowns that could jeopardize quality

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quality control

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implementing the necessary inspection checks to make sure that no defective product ever leaves the factory

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relative advantage

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a new product's clear and meaningful advantage over substitutes and competing products

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shopping products

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products that consumers buy only after comparing competing offerings on such criteria as price, quality, style, colour, and fit

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specialty products

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products that offer unique features and benefits that result in consumers placing high value on them and their brands

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staples

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convenience products that consumers constantly replenish so they'll always have them on hand

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total quality management (TQM)

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continually improving products and processes with the goal of achieving ever-increasing levels of customer satisfaction

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trialability

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a product's ability to be tried on a limited basis

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unsought products

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products marketed to consumers who may not yet realize any need for them

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bundling

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combining two or more items in a single package at a set price

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ceiling price

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the maximum price at which a customer will decide to either postpone the buying decision or seek ways to fulfill needs with substitute products

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competitive pricing

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(also known as pricing parity and status quo pricing)--reducing the emphasis on price by matching competitors' prices and concentrating marketing efforts on the other three elements of the marketing mix

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flexible pricing

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different customers pay different prices for the same product

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floor price

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a price below which the quality will become suspicious and the customer might decide to look elsewhere

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odd pricing

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the most commonly used psychological pricing tactic, where prices are set at odd numbers just below round numbers

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penetration pricing strategy

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a strategy whereby low prices are used as a major marketing tool to enter a new market

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price elasticity

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the fact that different customers will react differently to changes in price

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price skimming

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a pricing strategy that involves setting relatively high prices compared to your competitors; often used to enter a market for products with little or no competition

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product line pricing

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a tactic whereby several items within a product line are offered at specific price points

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profits

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whatever is left from revenues after all expenses have been paid

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promotional pricing

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temporarily reducing regular prices

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psychological pricing

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based on the belief that certain prices or price ranges make products appealing

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single-price pricing

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occurs when a retailer or professional sells all its goods and services at the same price

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unbundling

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the practice opposite to bundling; limits the number of goods or services that come with a basic offer

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value pricing

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emphasizes the benefits a product delivers in comparison to the price and quality levels of competing offerings

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direct channel

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channel that carries products directly from a producer to the business user or consumer

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direct selling

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a marketing strategy in which the producer establishes direct sales contact with the product's final users

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distribution intensity

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the number of intermediaries through which a producer distributes its products in a particular market

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intensive distribution

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a strategy that aims to have a product distributed through all available channels in a trade area

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marketing channel

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a set of intermediaries organized to ensure the movement of goods from producer to end-consumers

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marketing intermediaries

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organizations along the distribution channel that ensure the movement of goods from producer to end-consumers; can include import agents, wholesalers, brokers, retailers, and others

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place

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one of the four Ps of marketing; concerned with issues of distribution, channel management, and location selection

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selective distribution strategy

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strategy where organizations and individuals choose a limited number of outlets in a market area to sell its products

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advertising

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any paid, non-personal form of communication by an identified sponsor

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awareness

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the first necessary (though not sufficient) step to create a sale; letting your target customers know of your existence, hopefully in a way that motivates them to seek further knowledge about your product, then develop a preference, and ultimately try and then keep purchasing your product

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direct marketing

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any one-on-one communication with targeted individuals, such as direct mail (including direct email) and telemarketing

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IMC (integrated marketing communications)

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an approach that focuses on optimizing the impact of marketing communications by coordinating them to create a unified message to all stakeholders

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the Internet

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a highly targeted direct marketing vehicle that has evolved from its original role as an information provider

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networking

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the process of establishing relationships with people who can assist you with job search and customer acquisition strategies and particularly with finding job and sales leads

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objective-task method

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a method of budgeting marketing communications expenses by first defining the objectives and then costing the tasks required to accomplish these objectives

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personal selling

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person-to-person communication in which the seller attempts to assist or persuade prospective buyers to purchase his or her product or to act on an idea

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public relations

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non-personal communication about a product, brand, organization, idea, or person not directly paid for or run under direct sponsorship

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pull strategy

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concentrates on appealing to the end consumers directly so they in turn will request the product from members of the marketing channel

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push strategy

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promotion strategies and tactics (e.g., trade allowances) directed at members of a channel, such as distributors and retailers, to entice them to sell a product to the end consumer

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sales promotion

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catch-all term for those marketing activities that provide extra value or incentives to the ultimate consumer, sales force, or distributors to stimulate sales

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assignment interview

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a type of interview designed to create a situation or scenario similar to the job being applied for in order to test how the candidate will respond

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chronological resume

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a type of resume organization that places the emphasis on employment history and career progression in a way that directly relates to the job the candidate is applying for

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functional resume

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a type of resume organization that highlights the skills, knowledge, and other qualifications a job seeker brings to the job. Useful for individuals who lack work experience or have gaps in the employment history

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stress interview

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a type of interview where the interviewer puts the candidate in a stress situation to test the candidate's behaviour, logic, and emotional response under pressure

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input controls

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activities to be performed before the actual implementation of a marketing plan, such as securing financing or the selection and training of employees

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marketing audit

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a thorough, systematic, and periodic evaluation of marketing goals, strategies, tactics and implementation activities

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output controls

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activities to ensure that marketing outcomes are as expected

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process controls

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activities and behaviour needed during implementation of a marketing plan, including issues such as commitment to the marketing strategy, motivation and compensation of employees, and internal communications

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marketing

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planning and executing the conception, pricing, promotion and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives

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marketing orientation

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implies that achieving organizational and individual goals starts with determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do

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production orientation

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focuses on the product, on what an organization can produce and control, as opposed to consumers' needs and desires

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sales orientation

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invests heavily in advertising, sales promotion, and personal selling

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societal marketing orientation

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(also sometimes called social marketing)--takes the marketing orientation one step further by including the idea that satisfying customers should be done in ways that maintain or improve the well-being of both customers and society