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Digital Marketing > Marketing Vocab - Sheet1 > Flashcards

Marketing Vocab - Sheet1 Flashcards

1
Q

4Ps

A

Also known as the “Marketing Mix,” the 4 Ps was introduced in 1960 as a marketing framework comprising product, price, place, and promotion (Chapter 5)

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2
Q

ABLE Framework

A

Designed to help companies create effective marketing communications while simplifying the evaluation and creation process; there are four components in the ABLE Framework: attention, benefit, linkage, and equity (Chapter 9)

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3
Q

Activation

A

The execution of marketing after the planning process (Chapter 8)

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4
Q

Agile

A

A methodology to more efficiently and effectively develop software products (Chapter 7)

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5
Q

Augmented Product

A

Part of Philip Kotler’s “5 Product Levels,” a version of the product with additional features that differentiates it from the competition (Chapter 7)

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6
Q

Average Order Value

A

A metric companies strive to increase by increasing the amount of customer spent, resulting in increased revenue and profits (Chapter 2)

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7
Q

Awareness Stage

A

The first stage in the Buyer’s Journey and confirms that you have a need, problem, or opportunity(Chapter 8)

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8
Q

Bargaining Power of Customers

A

Part of Michael Porter’s“Five Forces,” companies are always concerned with customers’ ability and desire to purchase, price sensitivity, and changing preferences, among others (Chapter 7)

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9
Q

Bargaining Power of Suppliers

A

Part of Michael Porter’s“Five Forces,” companies are typically reliant on other businesses in their supply chain who control inputs and outputs potentially affecting results (Chapter 7)

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10
Q

Big Idea

A

An overarching concept that unifies a marketing campaign and connects with the intended audience(Chapter 9)

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11
Q

Brand

A

An identifiable and differentiated product, service, person, movement, idea, etc. that is represented by associations including thoughts and identity, among many others (Chapter 2)

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12
Q

Brand Advocate

A

A loyal customer who support and promotes a brand – sometimes referred to as a brand “ambassador”, or brand “champion”(Chapter 9)

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13
Q

Brand Architecture

A

A brand that is held in high esteem by a prospect or customer (Chapter 4)

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14
Q

Brand Affinity

A

A brand that is held in high esteem by a prospect or customer (Chapter 4)

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15
Q

Brand Awareness

A

Being aware of the existence of a brand (Chapter 2)

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16
Q

Brand Elements

A

Sensory manifestations of brand identity including brand name; see chapter for specific examples(Chapter 2)

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17
Q

Brand Equity

A

The “ownership” a brand has in the marketplace as measured by the value of the brand and the collective perception of the brand; example, Apple and Nike have significant brand equity (Chapter 3)

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18
Q

Brand Experience

A

The experience the customer has in interacting with a brand (Chapter 2)

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19
Q

Brand Extension

A

When a brand moves into a new category;example: Apple moving from computers (Macintosh) into music listening devices (iPod) and then into smartphones(iPhone) (Chapter 3)

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20
Q

Brand Identity

A

The way a brand looks and feels as exemplified through a logo, website, brochures, etc. (Chapter 2)

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21
Q

Branding

A

The process of applying concepts, designs and techniques to a brand to differentiate it from other brands (Chapter 2)

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22
Q

Brand Loyalty

A

Purchasing or using one brand over another even if there are cheaper alternatives (Chapter 2)

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23
Q

Brand Perception

A

What one thinks about a brand, which is usually characterized as the intersection between the brand promise (what a brand promises to deliver) and the actual brand experience (Chapter 2)

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24
Q

Brand Personality

A

A discernible type, trait, or characteristic attributable to a brand much like a person that helps brands differentiate from the competition and create relatability for prospects and customers (Chapter 2)

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25
Q

Brand Positioning

A

Creating a unique place to occupy in the minds of prospects and customers when they think of a brand (Chapter 2)

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26
Q

Brand Preference

A

Choosing one brand over another(Chapter 2)

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27
Q

Brand Promise

A

What a brand promises to deliver to a customer (Chapter 2)

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28
Q

Brand Purpose

A

Often refers to the mission or reason a brand exists and goes beyond just selling a product – often associated with a cause, social responsibility or simply a deeper meaning; an example o this is TOMS shoes or Patagonia (chapter 2)

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29
Q

Brand Relevance

A

Ultimate display of brand loyalty; there is only one relevant choice thereby rendering all other brands irrelevant in the eyes of the customer (Chapter 2)

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30
Q

Brand Storytelling

A

Expressing the mission, vision, values,and passion of a brand through a narrative that draws in the audience (Chapter 2)

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31
Q

Brand Value

A

The real and perceived value that a brand brings to the organization (Chapter 3)

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32
Q

Buyer’s Journey

A

The Awareness, Consideration, and Decision stages that a consumer goes through from becoming aware of a need, problem, or opportunity to considering alternatives, and finally making a purchase decision (Chapter 8)

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33
Q

Call-to-Action (CTA)

A

A prompt designed to elicit a response or sale, e.g., a phone number or specific URL (UniformResource Locator or more commonly referred to as a “web address” or “domain.”) (Chapter 8)

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34
Q

Categories

A

Classification of products and services; example is the “soda” category (Chapter 2)

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35
Q

Category Leader

A

Brand that is the identifiable leader in its respective category; examples are Nike in athletic shoes and Starbucks in coffee (Chapter 2)

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36
Q

Channel

A

Where a company sells its products; e.g., through a website, retail stores, or through sales representatives who sell directly (Chapter 1)

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37
Q

Churn

A

Customers who drop off and no longer use the service (Chapter 5)

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38
Q

Competitors

A

Two or more businesses competing by selling the same or similar products (Chapter 4)

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39
Q

Consumer Decision-Making Process

A

The generally recognized steps that consumers go through to make a purchase

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40
Q

Awareness

A

Recognition of a need, problem, or opportunity

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41
Q

Research

A

Information search regarding the need, problem, or opportunity

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42
Q

Consideration

A

Evaluation of alternatives, solutions

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43
Q

Decision

A

The decision to purchase a specific product, service, or brand

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44
Q

Evaluation

A

Post-purchase evaluation if the solutions meets the need, etc. (chapter 2)

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45
Q

Co-Branding

A

Also called “cooperative branding” or “collabs” where two or more brands benefit by serving a common or similar customer (Chapter 3)

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46
Q

Consideration Set

A

The brands or products one is seriously considering with regard to making a purchase (Chapter 4)

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47
Q

Consideration Stage

A

The second stage in the Buyer’sJourney and signifies that you are now actively considering a new product or service (Chapter 8)

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48
Q

Content Marketing

A

Area of marketing concerned with developing and deploying content to engage prospects and customers with the ultimate goals of lead generation and customer acquisition; content might be considered the“fuel” for inbound marketing (Chapter 8)

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49
Q

Core Benefit

A

Part of Philip Kotler’s “5 Product Levels;”the fundamental need or want consumers have that a product addresses (Chapter 7)

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50
Q

Creative Brief

A

An internal document used to keep stake holders on the same page regarding the strategy, goals, and objectives of a campaign as well as the deliverables to execute on the campaign (Chapter 9)

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51
Q

Current Competition

A

Part of Michael Porter’s ‘Five Forces”; companies that recurrent competitors are always vying for position amongst themselves (Chapter 7)

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52
Q

Customer Acquisition Cost (CAC)

A

An equation that determines how much companies should spend on acquiring new customers through sales and marketing costs (Chapter 5)

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53
Q

Customer Experience

A

The totality and quality of the interactions and engagements a customer has with a company thereby informing their perception and opinion of the brand (Chapter 5)

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54
Q

Customer Lifetime Value (CLV)

A

A metric that determine show much a customer is worth to an organization over their lifetime of doing business with a company (Chapter 3)

55
Q

Customer Perceived Value (CPV)

A

The belief of a customer(or not) that a product or service is going to satisfy their wants or needs (Chapter 6)

56
Q

Customer Relationship Management System (CRM)

A

A data system that allows departments to store and share common customer data (Chapter 9)

57
Q

Customer Retention

A

The ability of a company to keep customers they already have (Chapter 5)

58
Q

Customer Segmentation

A

Grouping prospects and customers by demographics, geographics, pyschographics and behavior (Chapter 9)

59
Q

Data Driven

A

Refers to using data to drive the business —including decision-making, processes, the customer experience, and even the revenue model (Chapter 11)

60
Q

Data-Driven Communications

A

The use of data to better understand target markets to deliver more relevant, contextual, or personalized messages (Chapter 8)

61
Q

Decision Stage

A

The third and final stage in the Buyer’sJourney, which finds you making the purchase decision based on the products that meet your specific needs including features and price (Chapter 8)

62
Q

Differentiation

A

The essence of a brand is differentiating it from other brands; distinguishing one brand from another(Chapter 3)

63
Q

Disruption

A

Reimagining an industry through new business models, products, distribution, and pricing, among others; Dollar Shave Club and Tesla are two prime examples of disruptors (Chapter 6)\

64
Q

Diversification

A

One of Ansoff’s four growth strategies for businesses; considered the riskiest as a company seeks to enter new markets with new products (Chapter 7)

65
Q

Down Market

A

Creating a product that appeals to a different audience at a lower price point (Chapter 3)

66
Q

Down Market Product Line Stretch

A

When a brand currently serves a middle or upper market and wants to serve a lower-level market (Chapter 7)

67
Q

Earned Media

A

Public relations, social media, and organic traffic to a company website through SEO characterize media that is earned versus bought through ads or promotion (Chapter 8)

68
Q

Economic Benefit

A

The consumer determines other things related to price like service, durability, reliability, and value, which consciously and subconsciously affect the purchase decision (Chapter 6)

69
Q

Emotional Reasoning

A

Refers to purchasing a product based on the way it makes you feel — how it looks or feels elicits an emotional response (Chapter 6)

70
Q

Expected Product

A

Part of Philip Kotler’s “5 Product Levels;” a more enhanced version of the product with features that most buyers expect when they make a purchase (Chapter 7)

71
Q

First-Party Data

A

Research conducted by a company versus data procured from another source, company, or industry organization (Chapter 9)

72
Q

Flanker Brand

A

A new brand introduced by a company that already has a primary brand in a product category (Chapter 3)

73
Q

Functional Benefit

A

What a product or service does for the customer (Chapter 6)

74
Q

Generic Product

A

Part of Philip Kotler’s “5 Product Levels;” a simplified version of the product with only features necessary for basic functionality; this is analogous to Minimum Viable Product (MVP), which will be explored later in this chapter (Chapter 7)

75
Q

Growth Strategies

A

There are four recognized growth strategies, as introduced by H. Igor Ansoff in the Harvard Business Review in 1957: Market Penetration and Product Development in existing markets and Market Developmentand Diversification in new markets (Chapter 7)

76
Q

Impressions

A

The potential number of times an advertisement is seen by an audience (Chapter 8)

77
Q

Inbound Marketing

A

Is about pulling consumers to your brand through value-added content that is relevant, contextual, or personalized versus only pushing messages to them (Chapter 8)

78
Q

Integrated Marketing Communications (IMC)

A

Often referred to as the new “promotion” of the 4 Ps; IMC includes advertising, public relations, digital marketing, direct marketing, events, and experiences, sales promotion, and personal selling (Chapter 8)

79
Q

Internal Customer

A

Someone who depends on someone else or needs assistance of some kind within the organization(Chapter 4)

80
Q

Key Performance Indicators (KPIs)

A

KPIs are the mostimportant indicators to how the business is performing andevaluate the success of a company’s overall performanceand can be used to compare one company to another competitor to gage success (Chapter 9)

81
Q

Line Extension

A

When a new product is introduced to expand an existing product line; example: Mountain Dew introducing new variants like Mountain Dew Code Red or Mountain DewBaja Blast (Chapter 3)

82
Q

Market Development

A

One of Ansoff’s four growth strategies for businesses; considered even more risky as a company seeks to develop new markets with its existing products(Chapter 7)

83
Q

Marketing Automation Systems

A

Systems that enable marketers to leverage CRM data and automate marketing through scheduled email campaigns, social media posts, and a variety of reports including website activity and engagement and marketing campaign results, among many others (Chapter 9)

84
Q

Marketing Communications

A

How a company reaches and interacts with both prospective and existing customers to educate, inform, and entertain; primary objectives of marketing communications are to create awareness, elicit a response and stimulate demand leading to a purchase (Chapter 9)

85
Q

Marketing Concepts

A

Concepts that illustrate how companies engage to compete, win customers, generate revenue and profit, and ultimately build a successful business (Chapter 1)

86
Q

Market Penetration

A

One of Ansoff’s four growth strategies for businesses; generally considered the least risky growth strategy because existing products are used to increase market share (Chapter 7)

87
Q

Market Segmentation

A

Used to narrow or define a group of people; standard marketing segmentation includes demographics (age, income), geographics (city, state), psychographics (beliefs, attitudes), and behavior(purchases, product usage) (Chapter 4)

88
Q

Market Segments

A

Group customers by specific characteristics or criteria (Chapter 1)

89
Q

Marketing Communications Tactics

A

What’s used to execute the marketing strategy; examples include advertising, social media, SEO, etc. (Chapter 2)

90
Q

Metric

A

Something that can be measured but may not be a KPI; e.g. website visits might be a metric but a KPI might be customer conversions (sales) from organic web traffic (Chapter 9)

91
Q

Minimum Viable Product (MVP)

A

Fulfills the basic needs of customers with the intent of building a more useful fnal product based on real user feedback; particularly useful in software development where iterating a product is easierand more realistic than with physical products (Chapter 7)

92
Q

New Entrants

A

Part of Michael Porter’s “Five Forces;” there isalways a threat of new competitors entering the market(Chapter 7)

93
Q

Objective

A

Usually a shorter term, specific goal that leads toa larger goal (Chapter 8)

94
Q

Omnichannel

A

A variety of mediums both online and ofine in which consumer shopping behaviors, personal interactions,and communications take place (Chapter 4)

95
Q

Onboarding

A

Can refer to employee training, getting new hires up to speed; or can apply to new customers and referto onboarding initiatives that include welcome and training efforts, incentives, customer-only websites, and other reinforcement of a customer’s purchase decision (Chapter5)

96
Q

One-to-many

A

When a company uses a communications vehicles like advertising to reach many people (Chapter 8)

97
Q

Organic Content

A

Content developed by a company that is featured on its website, social media, and its communications; organic content is different from paid advertisements (Chapter 8)

98
Q

Owned Media

A

Includes the company website, the website domain name, and all of the content created for its website and social media channels; data has also become an important asset, which helps drive traffic and informsbrands on who to target, how to reach them, and what messages will resonate with a particular audience (Chapter8)

99
Q

Paid Media

A

Any advertisement including broadcast,streaming, or digital as well as paid sales promotions, etc.(Chapter 8)

100
Q

Personas

A

A semi-fictional representation of an idealcustomer based on market segmentation and other detailed insights, usually related to online activity and behavior(Chapter 4)

101
Q

Point of Purchase (POP)

A

A visual display representing a product or service usually in a retail store (Chapter 8)

102
Q

Positioning Statement

A

A company-facing communication that describes the target market, explains brand benefits, and differentiates the brand from its competitors (Chapter 3)

103
Q

Potential Product

A

Part of Philip Kotler’s “5 Product Levels;”this is the product in the future with additional features and benefits that will delight customers fostering greater loyalty(Chapter 7)

104
Q

Price Inelasticity or Inelastic Demand

A

Demand stays the same or goes down very little even when prices go up significantly (Chapter 3)

105
Q

Product Bundle

A

An offering that includes both the product and a service (Chapter 6)

106
Q

Product Category

A

Where a product exists in terms of classification (Chapter 7)

107
Q

Product Development

A

One of Ansoff’s four growth strategies for businesses; considered riskier as the company develops new products for its existing market(Chapter 7)

108
Q

Product Focus

A

Companies that are product-focused ratherthan customer-focused are often exemplified by the belief that building a better product will result in sales andsatisfied or loyal customers (Chapter 5)

109
Q

Product Management

A

A product manager is tasked withbringing a product idea from ideation to creation and the organization to make this happen (CHapter 6)

110
Q

Product Marketing

A

A product marketer is responsible for promoting the product before it launches, when it launches,and then stimulating awareness and usage of the productpost launch (Chapter 6)

111
Q

Product Line Stretch

A

When a company pursues additional market share by selling more of its products or developing new products or brands to address different segments ofthe market (Chapter 7)

112
Q

Psychological Benefit

A

A product purchase that satisfies more intangible needs of the consumer beyond thefunctionality of the product — safety, prestige, belonging,etc. (Chapter 6)

113
Q

Pull Promotional Strategy

A

Sales promotions are designed to“pull” customers to the product, e.g., sales, coupons, andtrials, among others (Chapter 8)

114
Q

Push Promotional Strategy

A

Designed to “push” products toconsumers through tactics like direct selling, point of purchase (POP), and packaging, among others (Chapter 8)

115
Q

Rational Reasoning

A

Refers to justifying a product purchase with a logical or “legitimate” reason that supports rational thinking (Chapter 6)

116
Q

Reach

A

The number of unique people who are exposed to a specific ad (Chapter 8)

117
Q

Retargeting Ads

A

Ads that show information from websites you visited or a search you performed (Chapter 4)

118
Q

Scarcity Marketing

A

Leveraging the actual or perceived shortage of a product to stimulate demand (Chapter 6)

119
Q

Search Engine Results Page (SERP)

A

After entering a keyword, Google and other search engines return a SERP that shows the results, which are comprised of organic content and paid advertisements (Chapter 8)

120
Q

Software as a Service (SaaS)

A

Users pay a subscription fee, usually by the month or year for use of the software (Chapter 11)

121
Q

Subcategories

A

Classification of products and services within a category; example is colas, diet sodas, and citrus-flavored sodas, etc. (Chapter 2)

122
Q

Subscribed Audiences

A

Prospects and customers who have“subscribed” to a company’s email list, YouTube channel,etc. indicating they want to hear from the company (Chapter8)

123
Q

Substitute Products or Services

A

Part of Michael Porter’s“Five Forces;” there is always a threat of new products or services that rende existing offerings obsolete or less desirable (Chapter 7)

124
Q

Substitutes

A

A close but not-exactly-the-same product oroffering (Chapter 4)

125
Q

Switching Opportunity

A

Brands try to create opportunities forcustomers to switch brands through incentives like trialsand coupons, among others, with the hope ofestablishing brand preference (Chapter 2)

126
Q

Target Audiences

A

A group of prospective customers based on a variety of criteria who are perceived to be likely to makea purchase (Chapter 4)

127
Q

Tech Stack

A

A combination of programs, solutions, and services to build or run an application or project; in this case,for enabling digital marketing (Chapter 11)

128
Q

Trial

A

Trying the product or service before purchasing it (Chapter 5)

129
Q

Two-way Market Product Line Stretch

A

When a brand wants to cover the majority of the market including the lower leveland higher end (Chapter 7)

130
Q

Up Market

A

Creating a product that appeals to a different audience at a higher price point (Chapter 3)

131
Q

Up Market Product Line Stretch

A

When a brand currently serves a lower market and wants to serve a higher level or premium market (Chapter 7)

132
Q

Value Equation

A

Customers receive value from a product and in return companies receive value from the customer interms of money (Chapter 4)

133
Q

Value Exchange

A

Companies provide value to customers byproviding a product or service and customers provide value to companies by paying for those products and services(Chapter 7)

Digital Marketing (1 decks)

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