Vocab 1: Basics Flashcards
Activity-Based Cost
Cost accounting approach concerned with matching costs with activities that cause those costs
Advertising
The activity or profession of producing information for promoting the sale of commercial products or services
Brand
Unique design, symbol, sign, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from it’s competitors
Capital Items
Item included in the assets sections of a balance sheet of an entity that is written off over more than one accounting period
Company-Sales Forecast
projection of future sales revenue and a prediction of which deals will move through the sales cycle
Corporate culture
set of beliefs and behaviors that guide how a company’s management and employees interact and handle external business transactions
Direct Marketing
Contacting and influencing carefully chosen prospects with means such as telemarketing and direct mail advertising.
Fad
A desirable trend characterized with lots of enthusiasm and energy over a short period of time
Database Marketing
a systematic approach to the gathering, consolidation and processing of consumer data.
Quote
To estimate what a cost or price is likely to be
Place
In marketing mix, location of the market and means of distribution used in reaching it
Promotion
The advancement of a product, idea, or point of view through publicity and/or advertising
Organization Culture
The values and behaviors that contribute to the unique social and psychological environment of an organization
Market share
A percentage of total sales volume in a market captured by a brand, product, or company
Merchandising
The activity of promoting the sale of goods at retail
Market Segmentation
The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics.
Geopolitical
A combination of geographic and political factors relating to or influencing a nation or region.
Top of Mind
A brand or specific product coming first in customers’ minds when thinking of a particular industry
relative market share
A method of measuring market share. A company will measure its own market share with that of its competitors to determine relative market share, with market leaders have the most.
Risk Analysis
the process of identifying and analyzing potential issues that could negatively impact key business initiatives or projects
Price
A value that will purchase a finite quantity, weight, or other measure of a good or service
Marketing communications
the messages and media that marketers use to communicate with target markets.
Marketing Concept
a strategy that companies implement to satisfy their customers’ needs, increase sales, maximize profit and get ahead of their competition
Target Market
A particular market segment at which a marketing campaign is focused
positioning
the process of identifying an appropriate market niche for a product, service or brand and getting it established it in that area.
Frequency Program
a promotional strategy designed to reward regular customers as well as those who buy in large quantities
Market Leader
Brand, product, or firm that has the largest percentage of total sales revenue of a market
Marketing Plan
a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period.
Market
a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services
demographic
Study of both quantitative and qualitative aspects of human population
EX. Distribution, growth, movement, size, etc
Trademark
any word, phrase, symbol, design, or a combination of these things that identifies your goods or services.
Marketing
The management process through which goods and services move from concept to the customer
Social Marketing
a way to inspire social change by advertising a behavior or lifestyle change to benefit society instead of selling a product.
Market Position
the consumer’s perception of a brand or product in relation to competing brands or products.
Logo
Recognizable and distinctive graphic design, stylized name, unique symbol, or other device for identifying an organization.
customer loyalty program
Loyalty programs are structured marketing efforts that reward, and therefore encourage, loyal buying behavior - behavior which is potentially beneficial to the firm.
Target Market Analysis
Determining who your customers are and designing marketing towards their profile.
Loyalty
Measure of commitment based on obligation or, in consumer preferences, degree of satisfaction
Niche Marketing
Concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them.
Forecasting
A planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends.
E-Marketing
Online advertising that uses the internet to deliver promotional marketing messages to consumers
Positioning Statement
Written description of the objectives of a positioning strategy. States how the firm defines it’s business or how a brand distinguishes itself, how the the customers will benefit from its features, and how these benefits or aspects will be communicated to the intended audience.
Marketplace
Same term for market
Tag Line
A catchphrase or slogan
unique selling proposition (USP)
Real or perceived benefit of a good or service that differentiates it from the compete ting brands and gives its buyer a logical reason to prefer it over other brands. Critical component of a promotional theme around which an advertising campaign is built.
products
A good, idea, method, information, object, or service created as a result of a process and serves a need or satisfies a wants
Marketing mix
A planned mix of controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion
frequency
rate of repetition of a cyclical or regular event. Ofteness
Sales Promotion
Stimulation of sales achieved through contests, demonstrations, discounts, exhibitions or trade shows, games, giveaways, point-of-sale displays and merchandising, special offers, and similar activities
Mass Marketing
An attempt to appeal to an entire market with one basic marketing strategy utilizing mass distribution and mass media
