Download key terms glossary

KEY TERMS GLOSSARY
Market
Consumer
Consumer market
Industrial/
organizational
market
Market segment
Target market
Market
segmentation
Demographics
Geographic
segmentation
Behavioristic
segmentation
Psychographics
Undifferentiated
marketing
Concentrated
marketing
Differentiated
marketing
Customized
marketing
Competitive
advantage
Economies of scale
People who need or want a product and who have money to
buy it
1)
a person who buys goods, products and services for their
own use, not for business use or to resell
2) a person, organization, industry or country that uses
products, services, energy, or natural materials.
Individuals who buy goods or services for personal use
Customers who buy goods or services for resale or for use in conducting
business
A group of customers that share similar characteristics, such
as age, income, interests, and social class
Specific group of customers to whom a company wants to sell
a particular product
Division of a a large group of people into smaller groups of
people of a similar age or with similar incomes, interests etc,
so that products that are most suitable for each group can be
sold to it.
Study
of
the
statistical
characteristics
of
a
Details of the type of people that make up a particular group,
in particular their age, sex, and income. The term is used in
marketing to talk about the groups of people who buy
a particular product
Categorization of customers according to their geographic
location
Categorization of customers according to their relationship
with products or response to product characteristics
a way of dividing customer into different groups according to
qualities such as a person’s character, the way they live, and
how important price, quality etc is to them
make-up
Marketing program that offers a single standard product to
all consumers
Marketing program aimed at a single market segment
population.
Marketing program aimed at several different market segments, each of
which receives a different marketing mix
Marketing program in which each individual customer is
treated as a separate.
an advantage that makes a company more able to succeed in
competing with others
the advantages that a big factory, shop, etc. has over a smaller one because
it can spread its fixed costs over a large number of units and therefore
produce or sell things more cheaply.
that people think about a product in relation to the company’s other
Positioning
products and to competing products,or the way that the company would
like them to think about it.
a company or a business
Enterprise
something that affects a situation in a way that mean you cannot be sure
Variable (n)
what will happen
variable costs, prices, interest rates etc change or can change and are not
variable (adj)
fixed
Target
customer/ a limited group of people or area that a plan, idea etc is aimed at
group/ area etc
the mix of marketing actions, usually product, price, place, and
Marketing mix
promotion.
a product or service sold by a company
Offering
An approach for classifying accounts based on their attractiveness. A
ABC analysis
accounts are the most attractive while C accounts are the least attractive.
The name used to indicate an advertising message in the print media.
ad
Number of times users click on an ad banner.
Ad Clicks
The process of adjusting to environmental stimuli such that the stimuli
adaptation
become less noticed.
Any announcement or persuasive message placed in the mass media in paid
advertisement
or donated time or space by an identified individual, company, or
organization.
The placement of announcements and persuasive messages in time or space
advertising
purchased in any of the mass media by business firms, nonprofit
organizations, government agencies, and individuals who seek to inform
and/ or persuade members of a particular target market or audience about
their products, services, organizations, or ideas.
The company, organization, or individual who pays for advertising space or
advertiser
time to present an announcement or persuasive message to the public.
1. (consumer behavior definition) The feelings a person has toward an
affect
attitude object such as a brand, advertisement, salesperson, etc. Affect is
growing in importance in attempts to understand and predict consumer
behavior. (2). (consumer behavior definition) The affective responses
include states such as emotions, specific feelings, and moods that vary in
level of intensity and arousal.
The potential future sales generated by owners of equipment for repair and
after-market
replacement parts.
The number and/or characteristics of the persons or households who are
audience
exposed to a particular type of advertising media or media vehicle.
Stands for "Business to Business." A business that markets its products or
B2B
services to other businesses. Source: SEMPO
Stand for "Business to Consumer." A business that markets its services or
B2C
products to consumers. Source: SEMPO
An information technology application that uniquely identifies various
bar code
aspects of product characteristics as well as additional information
regarding delivery and handling instructions. The information is read by
scanning devices and greatly increases the speed, accuracy, and
productivity of the distribution process.
barriers
to The economic, legal, technical, psychological, or other factors that reduce
competitive rivalry below the level that would otherwise occur naturally.
competition
Barriers include branding, advertising, patents, entry restrictions, tariffs,
and quotas. Product differentiation is a barrier to competition.
The economic, legal, psychological, technical, and other forces that limit
barriers to entry
access to markets, and hence reduce the threat of new competition.
basis
of Refer to "See Also" column to the right.
segmentation
The overt acts or actions of consumers that can be directly observed.
behavior
behavioral analysis A sales management evaluation and control method for monitoring sales
force performance. A behavioral analysis involves evaluating the actual
behavior of salespeople as well as their ultimate performance in terms of
sales volume. Examples of behavioral analysis techniques include selfrating scales, supervisor ratings, and field observations.
The practice of targeting and serving ads to groups of people who exhibit
Behavioral
similarities not only in their location, gender or age, but also in how they
Targeting
act and react in their online environment. Behaviors tracked and targeted
include web site topic areas they frequently visit or subscribe to; subjects or
content or shopping categories for which they have registered, profiled
themselves or requested automatic updates and information, etc.
Any cost in the advertising production process that is not specifically
below-the-line cost
itemized in the production budget.
A point of reference for measurement, often against other companies.
benchmarking
The process of grouping consumers into market segments on the basis of
benefit
the desirable consequences sought from the product. For example, the
segmentation
toothpaste market may include one segment seeking cosmetic benefits such
as white teeth and another seeking health benefits such as decay prevention.
A group method of problem solving, used in product concept generation. It
brainstorming
is sometimes thought to be an open, free-wheeling idea session, but more
correctly is a specific procedure developed by Alex Osborn, with precise
rules of session conduct. Now it has many modifications in format of use,
each variation with its own name.
A brand is a name, term, design, symbol, or any other feature that identifies
brand
one seller's good or service as distinct from those of other sellers.
Brand equity is a phrase used in the marketing industry to try to describe
brand equity
the value of having a well-known brand name, based on the idea that the
owner of a well-known brand name can generate more money from
products with that brand name than from products with a less well known
name, as consumers believe that a product with a well-known name is
better than products with less well known names.
business intelligence The actionable information that comes out of data analytics techniques.
Business intelligence incorporates the entire process of reporting,
warehousing, data management, analysis of future trends and presentation
of transactional information, as well as extraction and loading tools, to help
users make better decisions.
The loss of sales in established products experienced by a firm resulting
cannibalization
from its own introduction of new products that are partial or complete
substitutes. That is, the new product "steals" some of the sales of the
established product.
A type of destination store that is usually large and that concentrates on one
category killer
category, thus making it possible to carry both a broad assortment and deep
selection of merchandise, coupled with low price and moderate service.
channel
of An organized network (system) of agencies and institutions which, in
combination, perform all the functions required to link producers with end
distribution
customers to accomplish the marketing task.
The specific attributes or consequences used by consumers to evaluate and
choice criteria
choose from a set of alternatives.
The term used to indicate an advertiser who is being served by an
client
advertising agency.
A psychologically uncomfortable state produced by an inconsistency
cognitive
between beliefs and behaviors, producing a motivation to reduce the
dissonance
dissonance.
The name used to indicate an advertising message in the radio, broadcast
commercial
television, and cable television media.
The rivalry among sellers trying to achieve such goals as increasing profits,
competition
market share, and sales volume by varying the elements of the marketing
mix: price, product, distribution, and promotion. It is the product of vying
for customers by the pursuit of differential advantage, i.e., changing to
better meet consumer wants and needs. In economic theory, various
competitive states such as monopolistic competition, oligopoly, perfect
competition, and monopoly are delineated based on the degree of control
that sellers have over price.
A competitive advantage exists when there is a match between the
competitive
distinctive competences of a firm and the factors critical for success within
advantage
the industry that permits the firm to outperform its competitors. Advantages
competitive analysis
competitive
intelligence
competitive position
comprehension
confirmation
conjoint analysis
consumer
satisfaction
consumerism
consumption
corporate
marketing system
coupon
customer
customer
relationship
management
customer
satisfaction
customization
can be gained by having the lowest delivered costs and/or differentiation in
terms of providing superior or unique performance on attributes that are
important to customers.
The analysis of factors designed to answer the question, "how well is a firm
doing compared to its competitors?" The analysis goes well beyond sales
and profit figures in assessing the firm's ratings on such factors as price,
product, technical capabilities, quality, customer service, delivery, and
other important factors compared to each of the major competitors.
The systematic gathering of data and information about all aspects of
competitors' marketing and business activities for the purposes of
formulating plans and strategies and making decisions.
The position of one business relative to others in the same industry. There
are a multitude of factors contributing to (and which can be used to
measure) competition.
The cognitive processes involved in interpreting, understanding, and
making sense of concepts, events, objects, and persons in the environment.
In consumer satisfaction theory, confirmation refers to a situation in which
a product performs exactly as it was expected to, i.e., prepurchase
expectations are confirmed.
A statistical technique in which respondents' utilities or valuations of
attributes are inferred from the preferences they express for various
combinations of these attributes.
The degree to which a consumer's expectations are fulfilled or surpassed by
a product.
The widening range of activities of government, business, and independent
organizations that are designed to protect individuals from practices that
infringe upon their rights as consumers.
The direct and final use of goods or services in satisfying the wants of free
human beings.
A marketing channel that achieves vertical coordination through the joint
ownership and operation of two or more channel members on different
levels of distribution.
A printed certificate entitling the bearer to a stated price reduction or
special value on a specific product, generally for a specified period of time.
The value of the coupon is set and redeemed by the seller.
The actual or prospective purchaser of products or services.
A discipline in marketing combining database and computer technology
with customer service and marketing communications.
Customer satisfaction is a measure of how products and services supplied
by a company meet or surpass customer expectation.
Tailoring the product to the special and unique needs of the customer. Each
buyer is potentially a unique segment.