Business & Industry - Marketing Terms



Business & Industry - Marketing Terms

Expanded Definitions

Above Competition Pricing

A competitive pricing method in which initial price is set at levels intended to be above competitors' prices.

Account activity

Refers to discussions of accounts won and lost, and re-assignments of existing accounts.

Ad inserts

Enclosures that are used to relate information as part of an overall advertising campaign.

Ad recall

The measured ability of readers or audiences to remember ads they have viewed in various media and programs.

Ad Tip Ins

Inserts placed in a publication, such as extra pages of advertising or subscription return cards. These are also known as freestanding inserts (FSIs).

Ad volume

Amount of dollars or media units (e.g., hours, number of pages) spent on advertising and marketing efforts.

Agency self-regulation

Self-policing by the advertising industry, may include discussion of ethical issues, certification, standards, and reviews and recommendations by ad industry policing bodies of allegedly deceptive advertising.

All Agency

Searches all the mapped agency terms, which include: Account activity, Agency self-regulation, General agency and Media-buying service.

All campaign

Searches all the mapped campaign terms, which include: Business-to-business,

Campaign awards, Campaign design, Campaign effectiveness, Campaign slogan, Campaign spokesperson, Campaign theme, Character symbol, Community advertising, Cooperative campaign, Corporate sponsorship, General campaign, Global campaign, NAD review, National campaign, New campaign, Regional campaign, Sports campaign and Teaser campaign.

All general

Searches all the mapped general terms which include: Association advertising, Corporate advertising, Corrective ads, Crisis communications, Other general, Political advertising, Professional advertising and Public service advertising.

All media

Searches all the mapped media terms, which include: Ad inserts, Ad recall, Ad tip ins, Ad volume, Cable TV advertising, Catalogs, Direct mail, Direct response TV marketing, General media, Infomercials, Interactive, Magazine advertising, Media costs, Movie theater, Network TV advertising, Newspaper advertising, Online, Outdoor, Point-of-purchase, Print ad coupons, Print advertising, Radio, Telemarketing, TV advertising and Yellow pages.

All product marketing

Searches the entire mapped product marketing terms which include: Brand Equity, Cobranding, Contests, Coupons, Distribution channels, General product marketing, Line extensions, Loyalty, Placement, Positioning-repositioning, Premium-luxury products, Sales promotion, Sampling and Umbrella marketing.

All research

Searches all the mapped research terms, which includes Consumer behavior, General research and Public opinion.

Audience Tracking

Media market research technique to monitor and learn how customers access and use media (e.g., television viewing, website activity).

Association advertising

Advertising by associations or trade groups to promote an industry or product category as opposed to a specific brand; for example: the National Dairy Board campaign to drink milk.

Brand Licensing

Contractual arrangement whereby a marketer owning a brand name negotiates (for fee or percent of sales) with other companies to allow these companies to produce and supply products carrying the marketer's brand name.

Brand Equity

Includes discussion of creating measurable value for a brand name, often referred to as superbrands or power brands; also includes the measures of such value which includes rankings of most valuable brands, Return on Investment (ROI) for advertising spending or Brand awareness.

Brand Loyal (also Brand Loyalty)

Description given to customers who frequently and enthusiastically purchase a particular brand and are less likely to be enticed to switch to other brands compared to non-loyal customers.

Brand Name

Represents a branding decision in which an individual product is named or a name is applied to a group or family of products.

Branding

Involves marketing decisions that have the objective of establishing an identity for a product using brand names, symbols and other distinctive measures with the goal of distinguishing the product from those offered by competitors.

Breakeven Analysis

A forecasting tool used by marketers that considers product price, fixed cost and variable costs in order to determine the minimum sales volume required before a company realizes a profit.

Breakeven Pricing

A cost pricing method used to set a product's initial price that is used in association with Breakeven Analysis and the determination of minimum sales levels needed at different pricing points in order for a company to cover fixed costs.

Business-to-business

Advertising intended to sell products or services to companies, often called industrial or trade advertising.

Bundle Pricing

A form of promotional price adjustment that offers discounted pricing when customers purchase several products at the same time.

Cable TV advertising

Advertising through basic cable networks, such as ESPN, MTV or CNN, and local cable systems, as well as non-commercial movie channels offered on cable.

Campaign awards

Awards given for excellence in advertising campaigns. An example is the American Television and Radio Commercials Festival, which awards winners with a gold statuette called a Clio.

Campaign design

Covers trends in ad design and copy or design of specific ads.

Campaign effectiveness

Discussion of the results of a campaign in terms of increased sales, increase in market share or change in level of awareness; also includes assessment of the reasons for the campaign success or failure.

Campaign slogan

Phrase or sentence used repeatedly in the advertising of a product or service that, through its repetition alone, eventually comes to identify the product or service.

Campaign spokesperson

Animated or created characters as well as people living or deceased who represent a product or service. Use Character Symbol for historical figures. (Lots of sports figures—MJ & Hanes)

Campaign theme

Primary topic, subject, motif or idea around which an advertising campaign is organized.

Catalogs

Publications that display a variety of merchandise available from a manufacturer or retailer.

Channel of Distribution

The activities and organizations that assist a marketer in moving products (goods or services) from the hands of the marketing company to the hands of the final customer.

Channel Power

Refers to the influence one party within a channel of distribution has over other channel members which may allow those with power to make demands of others.

Character symbol

Historical figures, animated characters, animals, objects that are used to advertise a brand and that come to be associated with the brand, e.g. Joe Camel for Camel cigarettes, Charlie Chaplin (played by an actor) in IBM ads.

Co-Branding (also called cross marketing)

A branding strategy where a marketer with its own brand seeks to partner with an established brand owned by another organization in hopes the synergy of the two brands is even more powerful than a single brand alone.

Cold Call

A method for contacting sales prospects where a salesperson makes an unannounced first contact with the prospect with the intention of either scheduling a future appointment or giving a sales presentation during this first contact period.

Competitive Pricing

A process for setting the initial price for a product that bases price largely competitor pricing and includes such methods as Below Competition Pricing, Above Competition Pricing and Parity Pricing.

Complementary Products

Products viewed as add-ons to a main product, which are designed to enhance the main product by making it easier to use, improving overall styling or extend functionality.

Community advertising

Advertising by communities, states, or destinations; for example, the "I Love New York" campaign designed to attract tourists and businesses.

Consumer behavior

Research that focuses on psychographics, e.g. the criteria for segmenting consumers by life-style, attitudes, beliefs, values, personality, and buying motives.

Contests

Promotions, such as sweepstakes, that offer a prize and may or may not require a purchase for prize eligibility.

Cooperative campaign

Collaboration of two or more advertisers and advertising in which the manufacturer of a product provides materials to and reimburses a retailer for part or all of the retailer's advertising expenditures.

Corporate advertising

Advertising whose purpose is to promote the image of a corporation rather than the sale of a product or service. Also called "Image Advertising."

Corporate sponsorship

Corporate financial backing for a project or event, in return for public exposure and goodwill. Often referred to as brought to you by for cultural events. (Big in Sporting events—Genworth & tennis)

Corrective ads

Advertising which is intended to correct an advertised claim that has been found by the Federal Trade Commission or another regulating body to be deceptive.

Cost-Plus Pricing

A cost pricing method used to set a product's initial price by applying a fixed monetary amount to the cost of the product.

Coupons

Legal certificates offered by manufacturers or retailers that entitle the bearer to a discount on an item at the time of purchase; includes rebates.

CRM

Customer Relationship Management

A strategic approach whose goal is to get everyone in an organization, not just the marketer, to recognize the importance of customers.

Culture

A component of the external influences on consumer buying behavior that represents the behavior, beliefs and way people act learned through interaction and observation of other members of society.

Customer

A person or organization that a marketer believes will benefit from the products offered by the marketer’s organization and includes Existing Customers, Former Customers and Potential Customers.

Crisis communications

Action taken by a company to maintain its credibility and good reputation after a situation has occurred that may affect the company in a negative manner.

Customer Service

Activities used by the marketer to support the purchaser’s experience with a product such as training, repair and complaint resolution.

Demand

The quantity of a product or service that consumers are willing and able to buy at a particular price.

Dependent Channel Arrangement (also Vertical Marketing System)

A binding arrangement between channel members, either legally or in some other manner, to engage in a specific and often strictly outlined business relationship whose types include Corporate, Contractual and Administrative.

Diffusion of Innovation

A concept that explains how information and acceptance of new products spread through a market.

Direct Distribution System

A distribution design where a marketer reaches the intended final customer by distributing the product directly to the customer and includes Direct Marketing Systems, Direct Retail Systems, Personal Selling Systems and Assisted Marketing Systems.

Distribution

Key component of the marketer's toolkit that represents decisions on the activities and strategies needed for the exchange and movement of products (goods or services) between the marketing company and the final customer.

Direct mail

Advertising that uses person-to-person communication through the mail rather than mass media. Advertising is sent via fliers, letters, brochures or reprints.

Direct response TV marketing

Television ads that require a consumer to call an 800 or 900 telephone number.

Distribution channels

Elements of the system of delivery of merchandise to customers from the manufacturer or wholesaler, including retailers, brokers, and shipping companies; also includes discussions of store merchandising and cross-merchandising.

E-tailers (also Electronic Retailers)

Retail format represented by retailers that confine most of their selling through Internet websites thus providing customers with the convenience of anytime shopping.

Early Adopters

The second category within the Diffusion of Innovation consisting of a sizeable though not large percentage of a market who are primarily characterized as being enthusiastic but practical about new products and often communicate their experiences with the next category (i.e., Early Majority) and in this way serve as Opinion Leaders.

Early Majority

The third category within the Diffusion of Innovation consisting of up to one-third of the overall market who represent the beginning of the mass market and who are primarily characterized as liking new products but prefer to wait until they have received positive opinions for other (e.g., Early Adopters) before purchasing.

Elastic Demand

Refers to market conditions where a certain percentage change (positive or negative) in the price of a product results in a larger and opposite percentage change in demand (i.e., purchases) for the product.

Elasticity of Demand

Refers to conditions that describe the effect a change in a product's price may have on the target market's demand for a product and includes conditions that are elastic, inelastic or unitary.

Ethics

From a business decision-making perspective this relates to what is right and what is wrong though the line between what is considered ethical and unethical is difficult to distinguish since it depends on such factors as nationality, culture, and industry norms.

Ethnographic Research

A form of Observational Research where researchers follow customers at work, home and when shopping in order to see how they make decisions, use products and learn other information.

External Forces

Factors considered outside the control of marketers but that potentially influence marketing decision-making and include demographics, economic conditions, governmental environment, influential stakeholders, cultural and social change, innovation and competitors.

Family Branding

A branding strategy in which products are given brand names that are closely connected or share the same overall name as an existing brand.

Fixed Costs

An important component in determining the cost of a product, these represent costs the marketing organization incurs for a product regardless of level of production or sales.

Focus Groups

Method of data collection often associated with Qualitative Research, in which a group of respondents (generally numbering 8-12) are guided through discussion by a moderator in the hope that group interaction will stimulate comments that may not otherwise be elicited.

Franchise

Retail format represented by a contractual arrangement in which franchisees (i.e., retail store operator) agree to pay for the right to use a franchisor’s (i.e., retail business owner) business methods and other business aspects such as the franchise name.

General agency - use this code when looking for general information that does not reflect a more specific code.

Generic Branding (also No-Name Branding)

A branding strategy, common to commodity products, that essentially creates a "brandless" product offering basic product features and low price.

Geographic Pricing

A form of standard price adjustment that, in general, increases the initial price to customers within certain geographic areas to cover increase costs to the marketer such as transportation costs, taxes and tariffs.

General campaign

Used when a record deals with general aspects of a campaign and is not covered by a more specific term.

General media

Use this term when looking for information dealing with media use that is not covered by other terms.

General product marketing

Use this term when records deal with "product marketing" but are not covered by other terms.

General research

Use this term when looking for records dealing with research if other terms do not cover the subject.

Global campaign

Advertising campaign that is designed to run in many countries. Includes Pan European or Worldwide ads.

Goods

In marketing this represents a type of “product” that consists of tangible items (i.e., can be felt, tasted, heard, smelled or seen) that marketers offer to satisfy the needs of their customers.

Ideas

In marketing this represents a type of “product” that consists of the marketer attempting to convince customers to alter their existing behavior or perception on some issue.

Image Advertising

A type of advertising that focuses on enhancing the perceived image of the organization rather than promoting specific products.

Inelastic Demand

Refers to market conditions where a certain percentage change (positive or negative) in the price of a product results in a smaller and opposite percentage change in demand (i.e., purchases) of the product.

Infomercials

A 15-60 minute television commercial typically presented in a casual talk show format that is designed to look like an ordinary television program.

Innovators

The first category within the Diffusion of Innovation concept that consists of a small percentage of a market who are primarily characterized as being at the forefront of adopting new products and eager to try new things, often without regard to price.

Interactive

Advertising through various "new media" technology such as CD- ROM-based electronic kiosks, online services (including Internet, AOL).

Laggards

The fifth category within the Diffusion of Innovation consisting of a sizeable though not large percentage of a market who are primarily characterized as being reluctant to accept new products and may only do so if they have no other choice.

Late Majority

The fourth category within the Diffusion of Innovation consisting of up to one-third of the overall market who are primarily characterized as preferring to take a wait-and-see approach before trying something new.

Line extensions

Adding another variation to a product line also can include brand extension, when an established brand name is used in a new product category; for example - Jell-O pudding pops.

Loss Leaders

A form of promotional price adjustment, primarily used by retailers to increase customer traffic, that intentionally prices select products at or below the cost the retailer pays to purchase the product from suppliers.

Loyalty

Includes programs for increasing customer loyalty including frequent flyer programs, frequent shoppers, etc.; also includes general discussions of consumer brand loyalty and how to increase it.

Loyalty Programs

A form of sales promotion, used in both consumer and business markets, that offers customers rewards, such as price discounts and free products, based on purchase frequency or other activity.

Magazine advertising

Advertising in periodicals.

Market

From a marketer's perspective, consists of all people and/or organizations possessing the necessary qualification for making a purchase or otherwise developing a relationship with the marketer.

Market Pricing

A process for setting the initial price for a product that relies on analysis of market research to determine what customers perceive as an acceptable price and includes such methods as Backward Pricing, Psychological Pricing and Price Lining.

Market Segment

A smaller part of a larger market consisting of customers grouped (i.e., segmented) by characteristic shared by others in their group.

Market Segmentation

A key element of a target marketing strategy in which large markets, where customers possess different characteristics, is divided into smaller market segments in which customers are grouped by characteristic shared by others in the segment.

Marketing

Consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.

Marketing Concept

Suggests marketing decisions should flow from first making efforts to know what customers want and only after this should an organization initiate the process of developing and marketing products and services.

Marketing Mix

Describes the decisions made by marketers to appeal to their target markets and includes product, distribution, promotion, pricing and services.

Marketing Research

A critical component needed to make good marketing decisions by presenting a picture of what is occurring (or likely to occur) in a market and then offering alternative courses of action that may be followed by the marketer in order to reach their objectives.

Markup Pricing

A cost pricing method used to set a product's initial price by applying a certain percentage to the cost of the product either through a Markup-on-Cost method or a Markup-on-Selling Price method.

Markup-on-Cost

A markup pricing method in which markup is viewed as a percentage by which initial price is set above product cost and is determined by multiplying the cost of each item by a predetermined percentage then adding the result to the product's cost.

Markup-on-Selling-Price

A markup pricing method in which markup is viewed as a percentage of the product's selling price and is determined by dividing the cost of each item by one minus a predetermined percentage.

Mass Discounters

Retail format represented by general or specialty merchandisers whose main strategy is to offer discount pricing and whose outlets offer few services and generally lower quality product than is available at higher-end retailers.

Mass Marketing (also Undifferentiated Marketing)

A target marketing strategy that assumes all customers in a large market seek the same benefits and, consequently, a marketer appeals to this market with a single marketing strategy including a single product.

Micro-Marketing (also Customized Marketing)

A target marketing strategy that attempts to appeal to specific targeted customers with individualized marketing programs.

Mom-and-Pop Retailer

Retail format represented by a small, individually or family owned and operated outlet that generally services a local community often with a high level of service but relatively small product selection.

MSRP - Manufacturer's Suggested Retail Price

The price set by a consumer products manufacturer suggesting a price level for a product at the retail level, though depending on the demand for the product such pricing may be adjusted (mostly lower) by the marketer and others in the channel of distributions.

Media-buying service

A company other than an ad agency that purchases media time and space. Often referred to as unbundling, since the creative function is separate from the media portion.

Media costs

The price of advertising through various channels of communication, such as print, electronic, out-of-home (e.g. billboards) and direct mail.

Multi-Channel System (also Hybrid System)

A distribution design where a marketer uses a combination of direct and indirect distribution systems.

Monopoly

Control of a particular market by one market player (Nevada Power, Southwest Gas, LLVWD)

Movie Theater

Advertising shown on a movie screen prior to the movie. Term also applies to ads on videotapes.

NAD review

Study of cases that may involve false and deceptive advertising; initially, these are investigated by the National Advertising Division (NAD) of the Council of Better Business Bureaus. Also covers such studies by other nations' policing bodies, such as Britain's Advertising Standards Authority (ASA).

National campaign

Advertising campaign conducted on a national level.

Network TV advertising

Advertising on non-cable TV networks; includes ABC, NBC, CBS, and Fox.

New campaign

Launch of advertising campaign.

Newspaper advertising

Advertising in newspapers.

Niche Marketing (also Concentrated Marketing)

A target marketing strategy that uses a single marketing strategy to appeal to one or more small sub-segments within a larger market segment.

Non-Store Retailers

Retailers selling to customers through means other than a physical outlet including online, direct marketing and vending. (Amazon, Barnes & Noble, QVC)

Odd-Even Pricing

A type of psychological pricing where price is set based on customers' perception of a significant difference in cost between products priced at a whole number value and products priced slightly below this whole number. (Gasoline Retailing- 2.99 & 9/10 versus 3.00)

Oligopoly

Control by a few in a particular market (Oil companies, OPEC)

Online

Advertising through an online information retrieval service, such as America Online; includes Internet and the World Wide Web.

Opinion Leaders

A concept in consumer buying behavior which relates to people or organizations within a group who a consumer looks to for advice or direction and, consequently, may hold influence on what a consumer purchases. (Oprah-Book Club)

Other general

Used when a record fits into this category but does not have a specific term.

Organizational Stakeholders

Groups outside an organization that provide services support or, in other ways, impact the company.

Outdoor

Advertising on signs that are located outdoors in public places. Examples include billboards, posters, buses, taxis and painted displays. Often called "transit" advertising.

Out-Sourcing

Move by companies to locate certain business functions, such as customer service, outside of either their home country or the country in which their customers reside.

Perception

The internal processing of stimuli (e.g., advertisements) that shapes how a person sees themselves and the world they live in.

Peripheral Stakeholders

Represent groups, such religious organizations, community activists, and cause supporters, that are part of a marketing organization's external forces but that may not routinely impact the marketer unless specific issues arise.

Personal Selling

Promotional method in which one party (e.g., salesperson) uses personal contact to build relationships with another party (e.g., those involved in a purchase decision) that results in both parties obtaining value.

Placement

Marketing of a product by its appearance or use in a movie or television show.

Point-of-purchase

Advertising that targets shoppers within the retail environment. Often aimed at impulse purchases. POP includes counter displays, window displays, store banners, aisle displays, etc.

POP Display (also Point-of-Purchase Display)

A form of trade sales promotion that are generally found in retail outlets and allow products to be prominently presented thereby increasing the probability the product will standout.

Political advertising

Advertising whose central focus is the marketing of ideas, attitudes, and concerns about public issues, including political concepts and political candidates. In political advertising, the product is either a person or philosophy rather than goods and services.

Positioning-repositioning

Promoting a product to an unexpected audience; makeover or re-stating of a product to attract a new audience. e.g. Positioning orange juice as a soft drink to be used anytime, as opposed to a breakfast drink.

Premium-luxury products

Highest-priced product or service in the competitive marketplace.

Print ad coupons

Coupons that appear in print sources, such as magazines and newspapers.

Print advertising

Discussions of print advertising in general, including both magazine and newspaper advertising.

Professional advertising

Advertising that targets members of a profession such as law, medicine, engineering, and architecture.

PLC - Product Life Cycle

• Used as a tool for depicting the concept that products go through several stages of “life” with each stage presenting the marketer with different challenges that must be met with different marketing approaches. Development – Occurs before the product is released to the market and is principally a time for honing the product offering and preparing the market for product introduction.

• Introduction – Product is released to the market and sales begin though often gradually as the market becomes aware of the product.

• Growth – If the product is accepted it may reach a stage of rapid growth in sales and in profits.

• Maturity –At some point sales of a product may stabilize. For some products the maturity phase can be the longest stage as the product is repeatedly purchased by loyal customers. However, while overall sales may grow year-over-year, percentage sales increases may be small.

• Decline – All products eventually see demand decline as customers no longer see value in purchasing the product

Pod Casting

Name given to a method of delivery of audio and video programming that a user can download to a media devices, such as MP3 players or video player, thus allowing for playback on the user’s own schedule.

Prestige Pricing

A type of psychological pricing where initial price is set based on customers' perception of a correlation between perceived price and product quality where higher priced products are perceived has being higher quality compared to a lower priced product.

Pricing

Key component of the marketer's toolkit that represents decisions on the methods and strategies needed to determine what a customer will give up in exchange for obtaining value from a marketer's product.

Private Branding (also Store Branding)

A branding strategy, often seen in the retail industry, where stores or online sellers contract with suppliers to manufacture the retailer’s own branded products. (Wal-Mart-Great Value or GV)

Product

Key component of the marketer's toolkit that represents decisions on the solutions (e.g., goods, services or ideas) and strategies needed to satisfy the needs of a target market.

Product Placement

A form of advertising that intentionally inserts products into entertainment programming (e.g. movies, TV programs, video games) such as showing product use by an actor, placing product in background or having product name mentioned.

Product Positioning

Relates to marketing efforts that are intended to affect customers' perception of the marketer's offerings (e.g., products, company image) when compared with how customers perceive competitors' offerings.

Promotion

Key component of the marketer's toolkit that represents decisions on the methods (e.g., advertising, personal selling, public relations) and strategies needed to communicate with a target market.

Psychographics

Used in marketing for market segmentation, this variable describes and groups customers by combining psychological characteristics (e.g., personality, attitude, lifestyle) with demographic characteristics (e.g., age, gender, income level).

Psychological Pricing

A market pricing method that used to set a product's initial price by considering customers’ perceived response to a price and includes Odd-Even Pricing and Prestige Pricing.

Public opinion

Applies to polling, surveying of the public.

Public service advertising

Advertising with a central focus on the public welfare. It is generally sponsored by a nonprofit institution, civic group, religious organization, trade association, or political group.

Push Money (also Sales Incentives)

A form of trade sales promotion offering incentives to a channel member's sales force and customer service staff to help sell more of the marketer’s product.

Qualitative Data Collection

Research approach, often dubbed "touchy-feely" research, that requires researchers to interpret the information gathered, most often without the benefit of statistical support.

Quantitative Data Collection

Research approach that is at the heart of scientific research where numbers are used to measure or evaluate variables being studied and enabling the use of statistical analysis to offer potentially more supportable conclusions.

Quantity Discounts

A form of standard price adjustment offering buyers an incentive of lower per-unit pricing when more products are purchased.

Rebates

A form of sales promotion, mainly used in the consumer market, which typically lowers a customer’s final acquisition cost for a product purchase but generally does so by: 1) requiring customers provide information and/or undertake activity after the purchase, and 2) only offering the incentive after the information is received.

Research

The process of gathering information to learn about something that is not fully known.

Research Reliability

A concept in conducting research that is concerned with making sure the method used to gather data leads to consistent results that would be duplicated if others follow the same methods.

Research Validity

A concept related to carrying out research that is concerned with whether the research is really measuring what it claims to be measuring.

Retailer

A business classification that includes resellers who, in general, obtain products from suppliers in order to sell to the final consumer.

Retailing

A distribution channel function where organizations sell products directly to the final consumer for their own personal use.

Regional campaign

Advertising campaign that focuses on a particular region of a country.

Sales Promotion

Promotional methods using short-term techniques to persuade members of a target market or distribution channel, generally through an incentive, to respond or undertake certain activity.

Sales promotion

Activities, materials, and techniques used to supplement traditional advertising, includes trade advertising, and in-store media.

Sampling

Products offered to consumers usually for free to introduce a new product.

Segmentation Marketing (also Differentiated Marketing)

A target marketing strategy in which the marketer appeals to multiple smaller market segments with a unique marketing strategy for each market.

Services

In marketing this represents a type of “product” that consists of something of value customers obtain through the physical labor of a marketing organization.

Sports campaign

Advertising at a sporting event through the use of ads, or underwriting sporting events. Includes World Cup, Olympic sponsorship, etc.

Social Responsibility

A characteristic of an organization that shows concern for the people and environment in which it transacts business with such concerns being communicated and enforced within the entire organization and, in some cases, with business partners. (Star Kist Tuna & Dolphins)

Specialty Products

A category of consumer products with characteristics that include: product appeals to small target market who often know exactly the brand they want; product is relatively very expensive; and product is exclusively distributed. (The Sharper Image)

Stakeholder

A part of the marketer's external environment that are represented by groups who have an interest (i.e., stake) in the company and include Connected Stakeholders and Peripheral Stakeholders.

Supply Chain

Consists of organizations engaged in activities, either formally or informally, that provide the necessary links between the beginning of product creation and the delivery of product to customers.

Substitutes

A product that will fill the demand for another. For example, tea is a substitute for coffee, if the price of coffee goes up, more people will drink tea. Important point, monopolies exist when little or no substitutes exist for a product. Gasoline is such an example.

Survey Research

Method of data collection often associated with Quantitative Research which captures information through the input of responses to a research instrument containing questions (i.e., questionnaire).

Target Marketing

A strategic approach in which an organization attempts to get the most from its resources by following a planned procedure for identifying customers who possess the greatest potential to respond to the marketer’s efforts and help the marketer meet objectives.

Target Markets

Key component of the marketer's toolkit that represents decisions on the strategies and methods needed to select customers who will be the focus of an organization's marketing efforts.

Teaser campaign

Advertising intended to tease the public by offering only bits of information without revealing either the sponsor of the ad or the product being advertised. The purpose of a teaser ad is to arouse curiosity and generate attention for the campaign that follows.

Telemarketing

Use of the telephone as a medium to generate sales.

TV advertising

General articles about advertising on TV.

Umbrella marketing

Campaign that focuses on a family of brands, or a multi- product group. e.g. Panasonic ad showing VCR, TV, Videocam, etc.

Value

The perception of benefits received for what someone must give up to obtain the benefits.

Variable Costs

An important component in determining the cost of a product, these costs are directly associated with production and sales and, consequently, may change as the level of production or sales changes.

Vending

Retail format represented by automated methods (i.e., via vending machine) for allowing consumers to make purchases and quickly acquire products.

Warehouse Stores

Retail format represented by a form of mass discounter that often provides even lower prices than traditional mass discounters usually by requiring buyers to make purchases in large quantities and whose outlets offer few services, limited product selection and barebones store design.

Warranty

A offer, often associated with a purchase, in which a marketer provides customers a level of protection, beyond a Guarantee period, that covers repair or replacement of certain product components if found defective within some identified time frame.

Wholesaler

A business classification that includes resellers who, in general, engage in distribution activities that come between a supplying party (e.g., manufacturer) and a purchasing party (e.g., retailer) but who do not sell to the final consumer.

Wholesaling

A distribution channel function where organizations purchase products from supplying firms with the primary intention of redistributing, often in smaller quantities, to other organizations such as retailers.

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