Important Marketing Terms for Exam E-Z

Freepost: Used to encourage a response by mail. The sender does not pay to return an item by post e.g. a questionnaire.

Guerilla Marketing: Unconventional marketing intended to get maximum results from minimal resources is nothing but Guerilla Marketing.

JIT: Just-in-time (JIT) is an inventory strategy implemented to improve the return on investment of a business by reducing in-process inventory and its associated carrying costs. In order to achieve JIT the process must have signals of what is going on elsewhere within the process.

Incentive: Something  of  financial  or  symbolic  value  added  to  an  offer  to  encourage  some  overt  behavioural response.

Indirect Marketing: Indirect Marketing is the distribution of a particular product through a channel that includes one or more resellers.

Difference b/w Direct and Indirect Marketing:

·         Direct marketing is basically advertising your own products or services.

·         In the same way you might advertise for someone else is called Indirect marketing, is an increasingly popular way of doing business

Internet Marketing: Internet marketing is the marketing of products or services over the Internet.

Internet Marketing is also known as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM) or e-Marketing

Key Selling Points: The components of a program or event that will appeal to the greatest number of people.

Loyalty Programs: A component of relationship marketing. Programs designed to increase the strength of a consumer's preference for a particular entity. The most common form of loyalty program in the arts is subscription or membership programs.

Marketing: The  process  of  planning  and  executing  the  conception,  pricing,  promotion,  and  distribution  of ideas,  goods,  services,  and  people  to  create  exchanges  that  will  satisfy  individual  and organizational goals.

Marketing Mix: The  blend  of  product,  place,  promotion,  and  pricing  strategies  designed  to  produce  satisfying exchanges with a target market.

Market Research: The  process  of  planning,  collecting,  and  analyzing  data  relevant  to  marketing  decision-making. Using a combination of primary and secondary research tools to better understand a situation.

Marketing Strategy: The first stage is setting  marketing objectives (where the organisation wants to be at the end of the strategic  planning  period)  and  goals  (the  objectives  with  specific  numerical  benchmarks  and deadlines attached to allow  management  to  measure achievement). The  second stage  is specifying the core  marketing  strategy,  i.e. specific target markets,  competitive  positioning and  key  elements of the marketing mix. The third is the implementation of tactics to achieve the core strategy.

Mergers and Acquisitions: The phrase  mergers and acquisitions (abbreviated  M&A) refers to the aspect of corporate strategy, corporate  finance  and  management  dealing  with  the  buying,  selling  and  combining  of  different companies  that  can  aid,  finance,  or  help  a  growing  company  in  a  given  industry  grow  rapidly without  having  to  create  another  business  entity.  A  merger  is  a  tool  used  by  companies  for  the purpose  of  expanding  their  operations  often  aiming at an  increase of their long  term  profitability. An acquisition, also known as a takeover, is the buying of one company (the ‘target’) by another.

Media Hooks: Aspects of an event or program that are most likely to appeal to a journalist or the media generally.

Media Monitoring: Systematic monitoring of the media in order to ascertain what has been said.  Specialised agencies provide this service.

Offer: A  proposal  by  a  marketer  to  make  available  to  a  target  customer  a  desirable  set  of  positive consequences if the customer undertakes the required action.

Pitch: A proposal - either verbal or written - to enlist the engagement or support of a third party.

Psychographics: Life-style measures which   combine psychological and demographic measurements based on consumers' activities, aspirations, values, interests or opinions.

Publicity: Definitions vary but in Sauce the term is used to describe obtaining media coverage.

Personal Selling: Persuasive communication between a representative of the company and one or more prospective customers, designed to influence the person's or group's purchase decision.

Qualitative Research: Research  that  seeks  out  people's  attitudes  and  preferences,  usually  conducted  through unstructured interviews or focus groups.

Quantitative Research: Research  that  measures  (quantifies)  responses  to  a  structured  questionnaire,  conducted  either through  telephone,  face-to-face  structured  interviews,  on  the  Internet  or  through  self  completion surveys.

Quickcuts: The brand name of technology which enables design companies or advertising agencies to transmit advertisements directly to the publication over a telephone line.

Reach: The total number of people your organisation or campaign reaches.

Relationship marketing: Marketing  with  a  focus  on  building  long-term  relationships  where  the  target  customer  is encouraged to continue his or her involvement with the marketer.

Strategic Marketing Planning: The  process  of  managerial  and  operational  activities  required  to  create  and  sustain  effective  and efficient  marketing  strategies,  including  identifying  and  evaluating  opportunities,  analyzing markets  and  selecting  target  markets,  developing  a  positioning  strategy,  preparing  and  executing the market plan, and controlling and evaluating results.

Situational Analysis:  An analysis of the internal and external environment of a company or event.

SWOT Analysis: Identifying the strengths and weaknesses, which are internal to the organisation or project and the opportunities and threats, which come from outside the organisation.

Social Media Marketing: Social media marketing is marketing using online communities, social networks, blog marketing and more

Talent: The  person  or  people  you  put  forward  to  the  media  as  possible  subjects  for  an  interview,  a  game show, a picture or footage, etc.

Target Audience: The  section  of  the population  that  is  identified  as  likely  to  be  most  interested  in  buying  or  being associated with a product.

Target media: The media you decide to target for coverage because they reach your target audience.

Targeting: The act of directing promotions to the target audience.

TARPS: Target  audience  rating points --  that  is,  the  number  of people  or  percentage  of  people  reached  in your target audience

Unique Selling Proposition (USP): The one thing that  makes  a  product different  than any  other.  It's  the  one  reason  marketers  think consumers will buy the product even though it may seem no different from many others just like it.

Viral Marketing: Marketing by the word of the mouth, having a high pass-rate from person to person is called Viral marketing.  Creating a 'buzz' in the industry is an example of viral marketing.

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