Terminology Flashcards
SWOT Analysis internal factors
strengths: advantages that strengthen the company
and weaknesses: limitations that put the business in a disadvantage
(refers to the product)
SWOT analysis external factors
opportunities and threats (refers to the market place)
marketing strategy
how the company will position itself and its products or services in the competitive market place
marketing plan
the company’s written document which has the marketing methods (advertising) and marketing actions/activities (back-to-school promotion) and the resources needed to achieve the marketing objectives.
AOSTC
analysis, objectives, strategies, tactics, control
competitor analysis
the competition in the marketplace
SMART objectives. what does smart stand for?
specific measurable achievable realistic timed
Unique Selling Point USP
what distinguishes your product and service from others
marketing segments
groups of consumers with similar needs or wants
marketing methods
the techniques or methods used to communicate with your consumers
marketing mix
a combination of the different elements used to market a product
social marketing
marketing techniques used to convince people to chainge their behaviours for their own good or for the benefit of the society
corporate social responsibility (CSR)
taking positive actions for the benefit of the company’s staff and society
marketing research
gathering information about a market, analyzing it and interpreting it
consumer research
discovers behaviour patterns and customer needs
motivation research
investigates why consumers buy specific products and why they react to certain ads
Desktop/ secondary research:
analysis of the information you can find easily without leaving your desk: internet, magazines, books
Field/ primary research
: information gathered by talking to people about a market or product
Qualitative research:
small group discussions or in depth interviews to understand a problem better
Quantitative research:
collecting and gathering data and doing a statistical analysis
Mystery shopping:
a person poses as a consumer to chdeck the level of service at a business
Omnibus survey:
a market research institute carries this survey out by conducting research for severel companies at once.
Time to market:
how long a new product or service takes to develop
Alpha test:
the program is tested by employees to remove errors and bugs
Beta test:
the software is sent for external testing
Product development steps:
product development > test marketing > commercialization
The boston consulting group matrix:
a planning tool for marketers to help them analyse their product lines and helps them decide where to distribute money
Market Growth Rate:
the speed at which the market is growing
Relative Market Share:
the number of consumers in the market that buy your product
Stages of the product life cycle:
Product launch (problem children): products or services that are not established or well known in the market
Growth (stars): high market growth rate and high relative market share. These products are in a fast growing business sector
Maturity (cash cows): high relative market share and little market growth. Consumers know, trust, and consume these products so they generate profit.
Decline (dogs): low relative market share and market growth. They generate no profit and have loss.
What is a brand?
when a company uses a name, symbol, or design to identify it and differentiate it from its competition
How does market segmentation work?
demographics and psychographics are used to target a segment and develop a customer profile (the image of a typical customer)
Telemarketing
: a form of direct marketing that requires an immediate response by delivering messages individually to potential customers
Outbound telemarketing:
telemarketers call potential clients from a list that can be bought from list brokers.
Return on investment (ROI) :
is a performance measure used to evaluate the efficiency or profitability of an investment
Inbound telemarketing:
clients call the telemarketing firm in response to an ad
Above-the-line:
a form of media marketing where a fee is paid to an agency working for its clients (commercials, billboard ads)
mission statement
: a public declaration about how the company conducts business
corporate advertising:
advertising about the organization instead of its products
media relations:
developing relationships with journalists to get the story of your brand ou t there
financial communications:
developing relationships with people who have invested in the project
financial communications:
developing relationships with people who have invested in the project
public relations:
establishing and maintaining a good reputation for the company and an understanding between an organization and its publics
lobbying
: is to influence policy-makers and voting
inside and outside lobbying
Inside lobbying: directly ask a politician/lawmaker to support your cause by speaking on your behalf ex: donations to political parties
Outside lobbying: influence a policy by getting the public behind a cause or getting activists to put pressure on lawmakers by campaigns or rallies
Crisis communication plan:
identifies potential crisis situations and how to communicate with stakeholders during the crisis (external audience: media, government authorities)
(internal audience: employees of the company)
