Chapter 3 Flashcards
Crowd-Source
The process of obtaining needed services, ideas or content by solicitating contributions from a large group of people and especially from an online community, rather than from traditional employees or suppliers.
Customer Relationship Management
An approach to managing a company’s interactions with current & future customers. It often involves using technology to organize, automate and sychronize sales, marketing, customer service and technical support.
Branding
How that brand is perceived in the market. Developing a good relationship with the target market is essential for brand management. Tangible elements of brand management include the product itself; look, price, the packaging, etc. The intangible elements are the experience that the customer has had with the brand & also relationship with the brand.
Demographics
Socioeconomic characteristics of a population expressed statistically, such as age, sex, education level, income level, martial status, occupation, religion, birth rate, death rate, average family size, average age at marriage, etc.
Design Thinking
A discipline that uses the designer’s sensibility & methods to match people’s needs with what is technologically feasible and what a viable business strategy can convert into customer value and market opportunity.
A process that uses sensibility & methods to match people’s needs with what is feasible to create a business strategy that has customer value and market opportunity.
Hospitality Event
Other events or attractions that fall outside of the meeting’s formal program and will be coordinated to entertain guests. Time may be left open intentionally on the agenda so that suppliers, vendors and sponsors can host guests.
Marketing Distibution Channel
Refers to how a business gets its products to the customers. Also used when referring to the activities necessary to transfer the ownership of goods from the point of production to the point of consumption. The ways in which products are advertised.
Multi-tiered Promotion
Cross promotional activity whereby 2 organizations advertise to their shared target audience with discounts off both organizations events.
Ie - See’s Candy and PC at Berkshire
Premium Gifts
A category of promotional product that is frequently purchased for VIP participants, committee members or leadership. They tend to be high-end products and are primarily categorized as executive products.
Press Conference
Event held to communicate information to media representatives.
Press Release
1) A prepared statement released to the news media
2) An article intended for use by the media about a company, product, service, individual, or show.
*News release
Promotional Products
Item such as a bag, calendar, cap, clock, diary, pen, etc. given away to current or prospective customer. These items usually carry the home and address of the firm, as well as information on the products and services, and serve as reminders. Also called advertising novelty or advertising specialty.
Psychographics
Study of PERSONALITY - values, attitudes, interests, lifestyles, etc.
Analysis of consumer lifestyles to create a detailed customer profile. Market researches conduct psychographics research by asking consumers to agree or disagree with statements on activities, interests and opinions.
Sponsor Prospectus
Sponsor benefit packages
Includes information that will help the sponsor make a decision.
SWOT Analysis
A structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture.
Value Proposition
(In marketing) an innovation, service, or feature intended to make a company or product attractive to customers.
Copyright
Laws that allow for the ownership of intellectual property (such as writings, art, music) copy-written material cannot be used without the owner’s permission or the payment of royalty fees.
Data Segmentation
The isolation and analysis of certain pockets of data in order to draw specific conclusions.
Direct Competition
Competition among suppliers who offer identical goods and services.
Focus Group
Method of doing research using a small group led by a facilitator.
Hashtag
A word or phrase preceded by a hash mark (#) and used within a message to identify a keyword or topic of interest and facilitate a search for it. It is used on social media websites.
Indirect Competition
Competition among suppliers of different types of products that satisfy the same needs.
Ie - Drive vs HALO