A/B Testing (8, 14)
Definition: A method of comparing two or more versions of a marketing element, such as an email subject line or website layout, to determine which performs better. It helps optimize marketing efforts by identifying the most effective approach based on real-world testing. Example: An e-commerce company may conduct A/B testing on different product page layouts to determine which design leads to higher conversion rates.
Acquisition Cost (12)
Definition: The expenses incurred in acquiring new customers, including marketing, sales, and onboarding costs.
Example: A car dealership calculates acquisition costs by summing up the expenses related to advertising campaigns, sales commissions, and customer test drives.
Active Listening (13)
Definition: The process of fully concentrating on and comprehending a customer's complaints or concerns.
Example: A customer service representative attentively listening to a customer's complaint without interrupting.
Adaptation Strategies (9)
Definition: Modifying marketing approaches to suit specific cultural contexts and preferences.
Example: Tailoring advertising messages and visuals to resonate with the cultural values and preferences of the target market.
Advertising (6)
Definition: Paid, non-personal communication through various media channels to promote products, services, or brands. Advertising aims to create awareness, generate interest, and persuade the target audience to take desired actions.
Example: A television commercial promoting a new smartphone, highlighting its features and benefits to attract potential customers.
Advocacy Program (12)
Definition: Initiatives aimed at turning satisfied customers into brand advocates who actively promote and recommend the company's products or services.
Example: A luxury hotel chain implements a referral program where existing customers receive exclusive benefits for referring new customers to the hotel.
Affiliate Marketing (8)
Definition: A performance-based marketing strategy where individuals or businesses (affiliates) earn a commission for promoting another company's products or services.
Example: Becoming an affiliate for an e-commerce store and earning a percentage of sales generated through referral links.
After-Sales Service (4)
Definition: Support and assistance provided to customers after purchasing a product or service, including technical support, maintenance, and customer care.
Example: An electronics company offering 24/7 customer service hotline and on-site repair services for its products.
Agent (5)
Definition: An intermediary who represents a producer and facilitates transactions between the producer and buyers.
Example: A real estate agent helping a homeowner sell their property to potential buyers.
Agile Development (15)
Definition: An iterative and flexible approach to product development that emphasizes collaboration, adaptability, and continuous improvement.
Example: Software development teams often use agile methodologies like Scrum or Kanban to quickly respond to changing requirements and deliver incremental product updates.
AIDA Model (6)
Definition: A communication model that represents the stages of customer response to a marketing message - Attention, Interest, Desire, and Action. The AIDA model is used to structure persuasive communication to guide customers through the decision-making process.
Example: An advertising campaign for a new smartphone follows the AIDA model by grabbing the audience's attention with a captivating visual, generating interest by highlighting unique features, creating desire by showcasing the benefits, and prompting action through a clear call-to-action.
Apology (13)
Definition: A sincere expression of regret or remorse for a service failure.
Example: A restaurant manager personally apologizing to a customer for a mistake in their order and offering a complimentary meal as a gesture of apology.
Average Order Value (AOV) (14)
Definition: The average dollar amount spent by customers per order. It is calculated by dividing the total revenue by the number of orders.
Example: If a company generates $10,000 in revenue from 100 orders, the AOV would be $100 ($10,000 / 100 orders).
Behavioral Segmentation (7, 11)
Definition: Segmenting the market based on consumers' behaviors, such as their purchasing patterns, usage frequency, brand loyalty, and benefits sought. This segmentation approach helps businesses identify and target customers who exhibit similar buying behaviors.
Example: a coffee chain may target frequent coffee drinkers who visit their stores daily.
Benchmarking (14)
Definition: The practice of comparing an organization's performance against industry standards or competitors. It helps identify areas of improvement and sets performance targets based on industry best practices.
Example: A company may benchmark its customer satisfaction scores against industry averages to gauge its level of customer service and identify areas for improvement.
Brainstorming (15)
Definition: A group creativity technique used to generate a large number of ideas. It involves encouraging free thinking, idea sharing, and collaboration.
Example: A marketing team holds a brainstorming session to generate ideas for a new advertising campaign.
Brand Equity (4, 6, 14)
Definition: The value and strength of a brand in the minds of consumers, including brand awareness, brand associations, perceived quality, and brand loyalty. Building brand equity involves consistent and effective communication strategies that create positive brand perceptions.
Example: A well-established sports apparel brand enjoys high brand equity due to its strong reputation for quality, style, and performance, resulting in customer loyalty and a premium price positioning.
Brand Extension (4)
Definition: Introducing a new product or service under an existing brand name to leverage its established brand equity.
Example: Nike expanding from athletic footwear to sportswear, accessories, and equipment.
Brand Image (6, 11)
Definition: The overall perception and impression that customers have of a brand. Brand image is influenced by various factors, including product quality, customer service, brand reputation, and marketing communications. It is important for a brand to maintain a positive and consistent image to build trust and loyalty among customers.
Example: A luxury hotel chain has a brand image of exclusivity, elegance, and exceptional service, which attracts affluent travelers seeking a high-end hospitality experience.
Brand Personality (11)
Definition: The human-like characteristics and traits associated with a brand. It helps create an emotional connection and brand identity in the minds of consumers. Brand personality can be portrayed through branding elements, communication style, and brand experiences.
Example: a sports apparel brand may have a brand personality that is energetic, competitive, and adventurous.
Brand Positioning (11)
Definition: The specific position or image that a brand occupies in the minds of consumers. It is the result of deliberate efforts to create a distinct and desirable brand perception. Brand positioning helps shape customer perceptions, loyalty, and purchasing decisions.
Example: an athletic shoe brand may position itself as a provider of high-performance footwear for professional athletes.
Brand Standardization (9)
Definition: Maintaining a consistent brand image and marketing approach across different markets without significant modifications.
Example: McDonald's using the same menu items, packaging, and branding elements worldwide.
Branding (4)
Definition: The process of creating and promoting a unique brand image for a product or service to differentiate it from competitors and establish customer loyalty.
Example: Coca-Cola's iconic brand image and logo that distinguishes it from other cola brands.
Brick-and-Mortar (5)
Definition: Refers to traditional physical retail stores with a physical presence, usually a physical building or storefront, where customers can visit to browse and purchase products.
Example: A local bookstore where customers can browse shelves, interact with staff, and make purchases in person.
Broker (5)
Definition: An intermediary who connects buyers and sellers, often in exchange for a commission.
Example: A stockbroker who facilitates the buying and selling of securities for clients.
Budgeting (7)
Definition: Budgeting refers to the process of allocating financial resources for marketing activities, ensuring that expenses align with strategic goals and provide a positive return on investment.
Example: An electronics company setting aside a specific budget for product launches, advertising, trade shows, and market research.
Business Growth (15)
Definition: The increase in sales, revenue, or market share of a company. Innovation is essential for driving business growth by attracting new customers and expanding into new markets. Example: Amazon's introduction of Amazon Prime contributed to its significant business growth.
Call-to-Action (CTA) (6, 8)
Definition: A specific instruction or prompt given to the target audience to encourage them to take a desired action, such as making a purchase, visiting a website, or signing up for a newsletter.
Example: An online banner ad includes a CTA button that says, "Shop Now," directing users to click and visit the company's e-commerce website to explore and purchase products.
Cannibalization (4)
Definition: The situation where a new product or service reduces sales or demand for an existing product within the same company.
Example: The release of a newer and more advanced smartphone model leading to a decline in sales of the older model.
Carbon Footprint (10)
Definition: The amount of greenhouse gas emissions, particularly carbon dioxide, produced as a result of human activities.
Example: Conducting a life cycle assessment to measure and reduce the carbon footprint of a product from production to disposal.
Cause-related Marketing (10)
Definition: Marketing initiatives where a company aligns itself with a social or environmental cause to create a positive brand image and contribute to the cause.
Example: A company donating a portion of its sales to an organization fighting against child hunger.
Channel Intermediaries (5)
Definition: The entities or organizations that assist in the movement of products or services between the producer and the end consumer.
Examples include wholesalers, retailers, agents, brokers, and distributors.
Churn Rate (12, 14)
Definition: The rate at which customers stop using a product or service over a given period of time. It is used to measure customer attrition and retention.
Example: If a company had 500 customers at the beginning of the month and lost 50 customers by the end of the month, the churn rate would be 10% (50 lost customers / 500 total customers).
Circular Economy (10)
Definition: Designing products and processes to minimize waste and maximize the reuse, recycling, or repurposing of resources.
Example: Developing a take-back program for electronic devices to ensure proper recycling and reuse of components.
Click-and-Mortar (5)
Definition: A business model that combines both online (e-commerce) and physical (brick-and-mortar) retail presence. It allows customers to interact and transact with a company through both online and offline channels.
Example: A well-known department store that operates physical stores but also offers an online shopping website for customers to purchase products.
Click-Through Rate (CTR) (14)
Definition: A metric used to measure the percentage of people who click on a specific link or call-to-action out of the total number of impressions or views. It is commonly used in email marketing and digital advertising.
Example: An email campaign receives 1,000 clicks out of 10,000 delivered emails, resulting in a CTR of 10% (1,000 clicks / 10,000 emails).
CLV Calculation (12)
Definition: The process of estimating the monetary value a customer will generate over their lifetime.
Example: A retail store calculates CLV by multiplying the average purchase value by the purchase frequency and multiplying it by the expected lifespan of a customer.
CLV Enhancement (12)
Definition: Strategies implemented to increase the value of customer relationships and maximize CLV.
Example: An online streaming platform offers personalized content recommendations and exclusive discounts to subscribers to encourage prolonged engagement and increase CLV.
Commercialization (15)
Definition: The process of introducing a new product into the market and maximizing its adoption and success.
Example: A technology company develops a comprehensive commercialization strategy to position, price, and promote a new software application.
Communication Mix (6)
Definition: The combination of different communication tools and tactics used by an organization to deliver its marketing messages to the target audience. The communication mix includes advertising, public relations, sales promotion, personal selling, and other forms of communication.
Example: A company creates a communication mix for a product launch, which includes running television ads, organizing a press conference, offering promotional discounts, and training sales representatives to engage in personal selling.
Community Engagement (10)
Definition: Actively participating in and supporting local communities through initiatives and partnerships.
Example: Sponsoring local events, organizing volunteer programs, or providing support to community organizations.
Community Management (8)
Definition: The practice of engaging and building relationships with an online community or social media followers through active participation, responding to comments, and addressing customer concerns.
Example: Monitoring comments on Facebook posts and promptly replying to customer inquiries or feedback.
Competitive Advantage (11, 15)
Definition: The unique set of strengths and resources that enable a business to outperform its competitors and achieve superior market position. It can be achieved through various factors such as product differentiation, cost leadership, superior customer service, or technological innovation. Innovation can provide a competitive advantage by offering unique products or services.
Example: Tesla's electric vehicles have a competitive advantage over traditional gasoline-powered cars due to their sustainability and advanced technology.
Competitive Advantage Analysis (11)
Definition: The process of evaluating and assessing the factors that contribute to a company's competitive advantage in the market. Competitive advantage analysis involves identifying and analyzing the company's strengths, weaknesses, opportunities, and threats. It helps uncover areas where the company has a competitive edge and areas that need improvement.
Example: a software company may conduct a competitive advantage analysis to assess its technological capabilities, customer service, pricing strategy, and market reputation.
Competitive Analysis (11, 14)
Definition: The process of evaluating and analyzing the strengths and weaknesses of competitors in the market. Competitive analysis helps identify the competitive landscape, understand competitor strategies, and uncover opportunities for differentiation and competitive advantage. It involves assessing factors such as competitor product offerings, pricing strategies, distribution channels, and marketing tactics.
Example: a smartphone manufacturer may conduct a competitive analysis to understand how rival brands position their products and identify areas for improvement or differentiation.
Competitive Benchmarking (15)
Definition: The process of comparing a company's products, services, or processes with those of its direct competitors to identify areas for improvement and competitive advantage. Example: A mobile phone manufacturer conducts competitive benchmarking to assess the features, performance, and pricing of its products compared to rival brands.
Competitive Landscape (9)
Definition: The overall structure and dynamics of the market, including the presence of rival brands, market share, and industry trends.
Example: Analyzing the competitive landscape to identify opportunities and challenges for global brand positioning and differentiation.
Competitive Positioning (11)
Definition: The process of positioning a product or brand in relation to its competitors in the market. Competitive positioning aims to create a distinct and advantageous position that differentiates the offering from others in the same category. It involves identifying and leveraging unique strengths and advantages to outperform competitors.
Example: a fast-food chain may position itself as offering quick, affordable meals with a focus on quality ingredients to differentiate from other fast-food competitors.
Competitor Analysis (2)
Definition: The assessment of key competitors, their strategies, strengths, weaknesses, and market share to gain a competitive advantage.
Example: a smartphone manufacturer analyzes competitor pricing, features, and marketing tactics to position its products effectively.
Concentrated Marketing (11)
Definition: A marketing strategy that focuses on a single market segment and directs all marketing efforts toward capturing and serving that segment effectively.
Example: a specialty coffee brand may target coffee connoisseurs and enthusiasts with unique and premium blends.
Concentrated Targeting (11)
Definition: Targeting a single market segment or niche market with a specialized marketing mix. This strategy focuses on serving the unique needs of a specific customer group.
Example: a boutique fitness studio may target fitness enthusiasts who prefer personalized training programs.
Concept Testing (15)
Definition: The process of evaluating a product idea by presenting it to potential customers to gather feedback and assess its market potential.
Example: A cosmetics company conducts concept testing to assess consumer interest in a new line of organic skincare products.
Consumer Behavior (2, 9)
Definition: The study of how individuals, groups, or organizations make decisions and allocate resources to satisfy their needs and wants. The actions, decisions, and purchasing patterns of individuals or groups when acquiring, using, or disposing of products or services.
Example: Understanding consumer behavior helps a marketing team design targeted advertising campaigns that appeal to specific consumer segments. Understanding how cultural factors influence consumer behavior in terms of brand preferences, decision-making styles, and product usage.
Consumer Privacy (10)
Definition: Respecting and protecting consumers' personal information and ensuring its proper use.
Example: Seeking explicit consent from customers before collecting their data for marketing purposes.
Content Management System (CMS) (8)
Definition: A software platform that allows users to create, edit, and manage digital content on a website without the need for extensive coding knowledge.
Example: WordPress, Joomla, or Drupal.
Content Marketing (8)
Definition: Creating and distributing valuable and relevant content to attract and engage a target audience.
Example: Publishing blog articles, infographics, videos, or whitepapers that provide educational or entertaining information related to a brand's products or industry.
Continuous Improvement (7, 15)
Definition: Continuous improvement emphasizes the ongoing refinement and enhancement of marketing strategies and tactics based on data-driven insights and feedback, aiming for continuous growth and adaptation.
Example: A consumer goods company conducting regular customer surveys and analyzing market trends to identify emerging consumer needs and preferences, leading to product and marketing updates.Toyota's production system emphasizes continuous improvement to eliminate waste, improve quality, and increase efficiency.
Conversion Rate (14)
Definition: The percentage of visitors or leads who take a desired action, such as making a purchase or subscribing to a newsletter. It indicates the effectiveness of a marketing campaign or sales funnel.
Example: A landing page receives 500 visits and generates 50 conversions, resulting in a conversion rate of 10% (50 conversions / 500 visits).
Conversion Rate Optimization (CRO) (8)
Definition: The process of improving the percentage of website visitors who take desired actions, such as making a purchase or filling out a form.
Example: A/B testing different versions of a call-to-action button to determine which design yields the highest conversion rate.
Cost Leadership Strategy (11)
Definition: A strategy focused on becoming the lowest-cost producer or provider within a particular market. Cost leadership strategies aim to achieve a competitive advantage by offering products or services at lower prices than competitors while maintaining acceptable levels of quality. This can be achieved through economies of scale, efficient operations, or innovative cost-saving measures.
Example: a discount retailer may adopt a cost leadership strategy by offering a wide range of products at affordable prices.
Cost per Acquisition (CPA) (14)
Definition: A metric that calculates the average cost of acquiring a new customer. It is calculated by dividing the total marketing costs by the number of new customers acquired.
Example: If a company spends $5,000 on marketing efforts and acquires 100 new customers, the CPA would be $50 ($5,000 / 100).
Cost per Click (CPC) (14)
Definition: The average cost incurred by an advertiser for each click on their online ad. It is commonly used in pay-per-click (PPC) advertising campaigns.
Example: An advertiser spends $500 on an ad campaign and receives 1,000 clicks, resulting in a CPC of $0.50 ($500 / 1,000 clicks).
CRM Dashboards (12)
Definition: Visual representations of key performance indicators and metrics that provide real-time insights into customer relationships and business performance.
Example: A sales team monitors their CRM dashboard, which displays metrics like deal pipeline, conversion rates, and customer satisfaction scores.
CRM Integration (12)
Definition: The process of connecting CRM systems with other organizational systems to enable seamless data flow and enhance operational efficiency.
Example: An e-commerce company integrates its CRM system with its email marketing platform to synchronize customer data and send targeted email campaigns based on purchase history.
CRM Reporting (12)
Definition: The generation and analysis of reports and metrics related to customer relationships, sales, and marketing activities.
Example: A sales manager reviews CRM reports to track sales performance, monitor team activities, and identify areas for improvement.
CRM Systems (12)
Definition: Software platforms or applications designed to manage customer interactions, data, and relationships.
Example: A company utilizes a CRM system to store customer information, track sales activities, and manage customer service inquiries.
Cross-Cultural Communication (9)
Definition: The process of exchanging information and messages between individuals from different cultural backgrounds, taking into account cultural nuances and communication styles.
Example: Adapting marketing communications to effectively convey messages across different languages, idioms, and cultural references.
Cross-Functional Collaboration (15)
Definition: Collaboration among different departments and teams within an organization to work together on NPD projects. Example: Marketing, R&D, and operations teams collaborate to develop and launch a new product.
Cross-Functional Teams (15)
Definition: Multidisciplinary teams composed of individuals from different departments or functions within an organization, working together on a specific project or goal.
Example: An automotive company forms a cross-functional team consisting of engineers, designers, marketers, and supply chain experts to develop a new electric vehicle.
Cross-Promotion (6)
Definition: A collaborative marketing strategy in which two or more complementary brands or products join forces to promote each other and reach a wider audience. Cross-promotion often involves shared advertising, bundled offerings, or joint events.
Example: A sportswear brand and a fitness equipment manufacturer collaborate to create a co-branded marketing campaign, featuring athletes endorsing both the clothing and the equipment.
Cross-Selling (12)
Definition: The practice of selling additional products or services to existing customers based on their needs and preferences.
Example: A telecommunications company offers its mobile phone customers the option to add a home internet service at a discounted rate.
Cultural Dimensions (9)
Definition: Various aspects of culture that influence consumer behavior and preferences, such as values, beliefs, attitudes, and communication styles.
Example: Individualism versus collectivism is a cultural dimension that affects how consumers make purchase decisions and prioritize personal versus group interests.
Cultural Factors (2)
Definition: Beliefs, values, customs, and norms that shape consumer behavior and market preferences.
Example: A multinational food chain would adapt its menu offerings to suit cultural preferences and dietary habits in different countries.
Cultural Sensitivity (9)
Definition: Being aware of and respectful towards cultural differences, customs, and norms when developing marketing strategies.
Example: Modifying product packaging and messaging to align with cultural sensitivities regarding colors, symbols, or religious beliefs.
Customer Acquisition (14)
Definition: The process of attracting and converting new customers to purchase a product or service. It involves marketing strategies and tactics aimed at increasing customer base.
Example: A company launches an advertising campaign targeting a new market segment to acquire new customers.
Customer Acquisition Cost (CAC) (14)
Definition: The average cost a business incurs to acquire a new customer. It is calculated by dividing the total marketing and sales expenses by the number of new customers acquired during a specific period. It includes marketing and sales expenses.
Example: If a company spends $10,000 on marketing and acquires 100 new customers, the CAC would be $100.
Customer Churn (12)
Definition: The rate at which customers discontinue their relationship with a business.
Example: A subscription-based software company measures churn by tracking the number of customers who cancel their subscriptions each month.
Customer Churn Rate (14)
Customer Churn Rate: Definition: The rate at which customers stop doing business with a company over a specific period. It measures customer retention and loyalty.
Example: If a company loses 10 out of 100 customers within a month, the churn rate is 10%.
Customer Complaint (13)
Definition: An expression of dissatisfaction regarding a service experienced by a customer.
Example: A customer lodging a complaint about a delayed flight and the inconvenience it caused.
Customer Data Management (12)
Definition: The process of collecting, organizing, and analyzing customer data to gain insights and improve decision-making.
Example: A retail store uses customer data management techniques to analyze purchasing patterns and demographics to target specific customer segments effectively.
Customer Engagement (14)
Definition: The level of interaction and involvement of customers with a brand, product, or service. It includes actions such as likes, comments, shares, and reviews.
Example: A company's interactive social media campaign generates high customer engagement with numerous likes, comments, and shares.
Customer Expectations (13)
Definition: The beliefs and desires a customer holds about a service.
Example: A customer expecting fast and friendly service at a restaurant based on previous experiences and word-of-mouth recommendations.
Customer Feedback (12, 13, 14)
Definition: The information, opinions, and suggestions provided by customers about their experiences with a product, service, or brand. It helps companies understand customer needs and preferences.
Example: A company collects customer feedback through surveys, online reviews, and social media comments to improve its products and services.
Customer Lifetime Value (CLV) (12, 14)
Definition: The predicted net profit a company expects to earn over the entire relationship with a customer. It takes into account the customer's purchasing behavior, average order value, and retention rate.
Example: A telecommunications company calculates the CLV of a customer by considering their average monthly spend, the length of their subscription, and the likelihood of retention. If a customer makes an average purchase of $100 every month and remains a customer for two years, the CLV would be $2,400 ($100 * 12 months * 2 years).
Customer Lifetime Value-to-Customer Acquisition Cost Ratio (CLV:CAC) (14)
Definition: The ratio that compares the value a customer brings over their lifetime to the cost of acquiring that customer. It helps assess the profitability of acquiring and retaining customers.
Example: If the CLV is $1,000 and the CAC is $100, the CLV:CAC ratio is 10:1.
Customer Loyalty (12)
Definition: The degree of commitment, attachment, and preference a customer has towards a brand, resulting in repeated purchases and advocacy.
Example: A loyal customer of a coffee shop frequents the establishment regularly, recommends it to friends, and actively engages with the brand on social media.
Customer Needs (15)
Definition: The desires, preferences, and requirements of customers that a company aims to fulfill. Innovation helps companies meet evolving customer needs and preferences. Example: Netflix's shift from DVD rentals to streaming services addressed customers' desire for on-demand and convenient content.
Customer Relationship Management (CRM) System (8)
Definition: A software tool or platform used to manage and analyze customer interactions and data throughout the customer lifecycle.
Example: Salesforce, HubSpot, or Zoho CRM.
Customer Retention (13)
Definition: The ability of a business to retain existing customers over a period of time.
Example: A telecommunications company implementing a loyalty program to reward long-term customers and reduce churn.
Customer Retention Rate (14)
Definition: The percentage of customers that a company retains over a specific period. It is calculated by subtracting the number of lost customers from the number of customers at the beginning of the period, divided by the number of customers at the beginning of the period.
Example: A company starts with 500 customers and loses 50 customers, resulting in a retention rate of 90% (450 retained customers / 500 customers).
Customer Satisfaction (12, 13)
Definition: The extent to which customers' expectations are met or exceeded by the service received.
Example: A hotel conducts regular guest satisfaction surveys to evaluate the quality of its amenities, staff performance, and overall experience.
Customer Satisfaction Score (CSAT) (14)
Definition: A metric used to assess the level of customer satisfaction with a product, service, or interaction. It is typically measured through surveys or feedback ratings.
Example: A company conducts a CSAT survey, and 80% of respondents indicate that they are satisfied with their recent purchase.
Customer Segmentation (12, 14)
Definition: The process of dividing a customer base into distinct groups based on common characteristics and behaviors. It helps tailor marketing strategies and messages to specific customer segments.
Example: An online retailer segments its customers into groups based on demographics, purchasing habits, and interests to deliver personalized marketing campaigns.
Customer Segmentation Analysis (12)
Definition: The examination of customer segments to identify patterns, preferences, and behaviors for more targeted marketing efforts.
Example: A grocery store conducts customer segmentation analysis to identify specific segments such as health-conscious shoppers or budget-conscious families, tailoring marketing campaigns and product offerings accordingly.
Customer Service Automation (12)
Definition: The use of technology, such as chatbots or self-service portals, to automate customer service interactions.
Example: A telecommunications company employs a chatbot on its website to answer common customer inquiries and troubleshoot basic issues.
Data Analysis (3)
Definition: The process of examining and interpreting data to derive meaningful insights and conclusions.
Example: A company analyzes sales data to identify patterns and trends, such as peak buying seasons or popular product categories.
Data Analytics (12)
Definition: The process of examining large datasets to discover patterns, insights, and trends that aid in decision-making.
Example: An e-commerce company uses data analytics to analyze customer browsing behavior and identify opportunities for targeted marketing campaigns.
Data Integration (12)
Definition: The process of combining data from various sources and systems into a unified and consistent format for analysis and decision-making.
Example: An e-commerce retailer integrates its customer data from online purchases, social media interactions, and customer support channels to create a comprehensive customer profile.
Data Interpretation (3)
Definition: The process of making sense of research findings, drawing conclusions, and providing meaningful recommendations.
Example: Based on survey responses, a company interprets that customers value product quality over price and recommends focusing on product differentiation.
Data Privacy (12)
Definition: The protection of customer information and adherence to relevant regulations to ensure the security and confidentiality of personal data.
Example: A financial institution implements strict data privacy measures, including encryption, access controls, and regular security audits to safeguard customer information.
Data Visualization (14)
Definition: The presentation of data in graphical or visual formats to enhance understanding and interpretation. It enables marketers to quickly identify trends, patterns, and insights.
Example: Bar charts, line graphs, and pie charts can be used to display marketing campaign performance, customer segmentation, or sales trends, making complex data more accessible and actionable.
Data-driven Decision Making (14)
Definition: The practice of using data and analytics to inform marketing strategies and make informed business decisions. It relies on data analysis to uncover insights and trends, enabling marketers to optimize their efforts and improve results.
Example: A company may analyze customer data to identify patterns and preferences, which can then be used to tailor marketing messages and offers for better customer engagement.
Deceptive Advertising (10)
Definition: Advertising that misleads or deceives consumers, making false claims or omitting important information.
Example: A company exaggerating the benefits of a weight loss product without scientific evidence.
Demographic factors (2)
Definition: Statistical data relating to the population's characteristics, such as age, gender, income, education, and occupation.
Example: A toy company targeting children's products would consider the age distribution and income levels of the target market's parents.
Demographic Segmentation (7, 11)
Definition: Segmenting the market based on demographic factors such as age, gender, income, occupation, education, and family size. This segmentation approach helps businesses tailor their marketing strategies to specific demographic groups.
Example: A baby product company targeting new parents with products specifically designed for infants aged 0-12 months.
Differentiated Marketing (11)
Definition: A marketing strategy that targets multiple market segments with separate marketing mixes tailored to each segment's specific needs and preferences.
Example: a cosmetic brand may offer different product lines for different age groups or skin types.
Differentiated Targeting (11)
Definition: Targeting multiple market segments with tailored marketing mixes. This strategy recognizes that different customer groups have distinct needs and preferences.
Example: a car manufacturer may offer different models to target various segments such as compact cars for urban dwellers and SUVs for families.
Differentiation (7, 11)
Definition: The process of creating a distinct and unique identity for a product, brand, or company in the market. Differentiation involves highlighting specific attributes, features, or benefits that set the offering apart from competitors and create a competitive advantage.
Example: a sports apparel brand may differentiate itself through innovative fabric technology or stylish designs.
Differentiation Strategy (11)
Definition: A strategic approach aimed at creating a unique and distinctive position for a product or brand in the market. Differentiation strategies focus on highlighting specific features, benefits, or attributes that set the offering apart from competitors and create a competitive advantage. This can be achieved through product innovation, superior quality, exceptional customer service, or unique marketing messages.
Example: a luxury hotel may differentiate itself by providing personalized concierge services and luxurious amenities.
Differentiation Tactics (11)
Definition: The specific actions and tactics employed to create and highlight points of differentiation for a product or brand. Differentiation tactics can include product design, features, quality, packaging, customer service, or marketing messaging. They aim to make the offering stand out and resonate with target customers.
Example: a clothing brand may differentiate itself through unique and trendy designs, use of sustainable materials, and engaging social media campaigns.
Diffusion of Innovation (4, 15)
Definition: The process by which an innovation (new product or idea) is adopted and spreads within a market or society over time.
Example: The adoption and widespread use of smartphones, initially embraced by early adopters and gradually reaching the majority of the population.
Digital Advertising (6)
Definition: Promotional messages delivered through digital channels, such as websites, search engines, social media platforms, mobile apps, and online video streaming services. Digital advertising offers targeting capabilities, real-time tracking, and interactive engagement with the audience.
Example: An online retailer runs digital advertising campaigns on social media platforms, displaying targeted ads to users based on their demographics, interests, and online behavior.
Digital Marketing (6)
Definition: The use of digital channels and technologies, such as websites, social media, email marketing, and online advertising, to reach and engage target audiences. Digital marketing offers opportunities for targeted messaging, real-time feedback, and interactive communication.
Example: An e-commerce retailer implements a digital marketing campaign, utilizing social media platforms to promote products, engage with customers through interactive content, and drive online sales through targeted advertising.
Direct Distribution (5)
Definition: When a producer sells products or services directly to the end consumer without involving intermediaries.
Example: A company selling products through its own online store.
Direct Investment (9)
Definition: Making a significant long-term investment in a foreign country, such as establishing production facilities or acquiring local businesses.
Example: An electronics manufacturer setting up a manufacturing plant in a foreign country to cater to the local market.
Display Advertising (8)
Definition: Online advertising that involves displaying graphical or multimedia ads on websites, apps, or social media platforms.
Example: Placing banner ads on popular websites or using programmatic advertising platforms to target specific audience demographics.
Disruptive Innovation (15)
Definition: A type of innovation that creates a new market and disrupts existing industries or products.
Example: Skype disrupted the traditional telecommunications industry by offering free voice and video calling over the internet.
Distribution Channel (5)
Definition: The specific route or path taken by a product or service as it moves from the producer to the end consumer. It includes all the intermediaries involved in the distribution process.
Example: A distribution channel for a consumer electronics company may involve wholesalers, retailers, and online marketplaces.
Distribution Strategy (5)
Definition: The overall plan and approach used by a company to deliver its products or services to the target market.
Examples include intensive distribution (widely available), selective distribution (limited outlets), and exclusive distribution (limited and exclusive outlets).
Diversification (11)
Definition: A growth strategy that involves entering entirely new markets or industries that are unrelated to the company's current offerings. Diversification allows a company to spread its risk and explore new revenue streams. It can be achieved through internal development, acquisitions, or partnerships.
Example: an automobile manufacturer may diversify into electric scooters to capitalize on the growing demand for sustainable transportation options.
Dropshipping (5)
Definition: A fulfillment method in which a retailer or seller accepts customer orders but doesn't keep the products in stock. Instead, the retailer transfers customer orders and shipment details to a third-party supplier or manufacturer who directly ships the products to the customer.
Example: An online store that offers a wide range of products but doesn't maintain inventory; instead, it relies on suppliers to fulfill orders and handle shipping.
Commerce (5)
Definition: The buying and selling of products or services over the internet.
Example: An online marketplace where sellers list their products and customers make purchases electronically.
Economic Factors (2)
Definition: Elements that influence the overall economy, including inflation, interest rates, unemployment rates, and consumer spending patterns.
Example: A luxury car manufacturer adjusting its pricing strategy based on economic indicators like purchasing power and consumer confidence.
Email Marketing (8)
Definition: The use of email to communicate with and engage prospects and customers. It involves sending targeted messages to build relationships, promote products or services, and drive conversions.
Example: Sending a weekly newsletter to subscribers with updates, promotions, and valuable content.
Emotional Connection (12)
Definition: The bond or attachment that customers develop with a brand or company based on positive emotional experiences.
Example: An outdoor adventure gear company creates emotionally engaging marketing campaigns that inspire customers to explore the great outdoors and connect with nature.
Employee Welfare (10)
Definition: Ensuring fair treatment, work-life balance, and providing opportunities for growth and development for employees.
Example: Offering flexible work hours and implementing wellness programs for employees' mental and physical well-being.
Empowerment ( 13)
Definition: Granting authority and decision-making power to frontline employees to resolve customer complaints or issues.
Example: A customer service representative having the authority to offer a discount or free product as compensation for a service failure.
Environmental Responsibility (10)
Definition: The commitment of organizations to minimize their negative impact on the environment through sustainable practices.
Example: Using eco-friendly packaging materials and reducing carbon emissions in the supply chain.
Exchange (1)
Definition: Exchange is the process of obtaining a desired product, service, or idea from someone by offering something in return, usually involving monetary transactions.
Example: A customer purchasing a smartphone from a retail store by paying the required price is an exchange where the customer receives the desired product, and the store gains revenue.
Experiential Marketing (6)
Definition: A marketing approach that focuses on creating immersive and memorable experiences for consumers, allowing them to interact with a brand or product firsthand. Experiential marketing aims to forge emotional connections and foster brand loyalty.
Example: An automobile company organizes test drive events where potential customers can experience the thrill of driving their latest models, providing a hands-on experience and generating excitement about the brand.
Exporting (9)
Definition: The practice of selling products or services produced in one country to customers in another country.
Example: An automobile manufacturer exporting its vehicles to international markets.
External Factors (2)
Definition: External factors refer to the influences and conditions outside of an organization that can impact its operations, performance, and decision-making. These factors are typically beyond the control of the organization, but they can significantly affect its ability to achieve its objectives and respond to market changes.
Example: If the government introduces new food safety regulations that require restaurants to implement additional health and safety measures, such as regular inspections and enhanced sanitation protocols, it would directly affect the operations of all restaurants. The restaurants would need to invest in training their staff, purchasing new equipment, and modifying their processes to comply with the regulations. Failure to adapt to these external factors could result in fines, closures, or reputational damage. Therefore, businesses need to closely monitor and respond to external factors like government regulations to ensure compliance and maintain their operations successfully.
Feasibility (15)
Definition: The extent to which a product idea can be successfully developed, produced, and brought to market.
Example: Before investing resources, a technology company assesses the technical feasibility of a new software product.
Feasibility Analysis (15)
Definition: An assessment of the practicality and viability of a product idea based on technical, operational, financial, and market considerations.
Example: A software company conducts a feasibility analysis to determine if a new software application is technically achievable and financially viable.
Feedback (6)
Definition: The information received from the target audience or market regarding their response to a marketing communication effort. Feedback helps organizations assess the effectiveness of their messages, identify areas for improvement, and make necessary adjustments to their communication strategies.
Example: An email marketing campaign includes a feedback mechanism where recipients can provide their opinions and suggestions, allowing the company to understand customer preferences and improve future campaigns.
Focus Strategy (11)
Definition: A strategy that concentrates on serving a specific market segment or niche with specialized products, services, or marketing efforts. Focus strategies allow companies to cater to the unique needs and preferences of a particular customer group and build strong customer loyalty. This can involve targeting a specific demographic, geographic area, or industry.
Example: a gourmet chocolate brand may focus on serving high-end consumers with artisanal, handcrafted chocolates, emphasizing quality and unique flavor combinations.
Franchising (5, 9)
Definition: A business model in which an individual or company (franchisee) is granted the right to operate a business under the established brand, systems, and support of a larger organization (franchisor). The franchisee pays fees or royalties to the franchisor in exchange for the use of their brand and support.
Example: McDonald's, where franchisees own and operate individual restaurants while following the standardized processes and guidelines set by the McDonald's corporation.
Gap Analysis (13)
Definition: The process of identifying and addressing the gaps between customer expectations and perceived service quality.
Example: A hotel conducting surveys to measure customer expectations and comparing them to the actual service delivered.
Geographic Segmentation (11)
Definition: Segmenting the market based on geographical factors such as location, region, climate, or population density. This segmentation approach considers the unique characteristics and preferences of consumers in different geographic areas.
Example: a surfboard company may focus its marketing efforts on coastal regions with a high concentration of surfers.
Global Brand Management (9)
Definition: The strategic planning and execution of branding activities across international markets, including brand positioning, messaging, and brand equity management.
Example: Nike's consistent global marketing campaigns that reinforce its brand values and resonate with diverse consumer segments.
Global Branding (9)
Definition: Developing a consistent brand identity and positioning that resonates with consumers across different countries and cultures.
Example: Coca-Cola's global brand image and recognition across various markets.
Greenwashing (10)
Definition: Misleading consumers by falsely claiming or exaggerating the environmental benefits of a product or company.
Example: Advertising a product as "eco-friendly" without sufficient evidence or certifications to support the claim.
Guerrilla Marketing (6)
Definition: An unconventional and creative marketing approach that relies on low-cost tactics and out-of-the-box thinking to grab attention and create buzz. Guerrilla marketing often takes place in unexpected locations or through unconventional mediums.
Example: A food delivery service hires street performers to dress as delivery riders and interact with people in busy urban areas, distributing discount vouchers and creating a memorable experience.
Heatmap (8)
Definition: A visual representation of user activity on a website, showing areas that receive the most interaction (hot spots) and areas with little to no interaction (cold spots). Example: Using a heatmap tool to identify which sections of a webpage attract the most attention and engagement.
Heterogeneity (13)
Definition: Services can vary in quality and consistency due to the involvement of human factors and the nature of service delivery.
Example: The quality of a massage experience may vary depending on the skills and techniques of the massage therapist.
Idea Bank (15)
Definition: A repository or system for collecting and storing product ideas generated by employees, customers, or other stakeholders.
Example: Google encourages employees to contribute ideas to their internal idea bank, where they can be reviewed and potentially developed into new products.
Idea Generation (15)
Definition: The process of generating new product ideas through various techniques, such as brainstorming, customer insights, and market research.
Example: Google's "20% time" policy allows employees to dedicate time to explore innovative ideas.
Indirect Distribution (5)
Definition: When a producer utilizes intermediaries, such as wholesalers, retailers, or agents, to distribute products or services to the end consumer.
Example: A manufacturer selling its products through various retail stores.
Influencer Marketing (6, 8)
Definition: A marketing strategy that involves collaborating with influential individuals or content creators who have a significant following and credibility within a specific niche or industry. Influencer marketing aims to leverage the influencer's reach and influence to promote a brand or product.
Example: A cosmetic brand partners with a popular beauty YouTuber to create sponsored content featuring their products. The influencer shares makeup tutorials and reviews, endorsing the brand to their large subscriber base.
Information Systems (3)
Definition: The technological tools and platforms used to manage and analyze marketing data, such as customer relationship management (CRM) systems and data analytics software.
Example: A company utilizes a CRM system to store customer information, track interactions, and segment the customer base for targeted marketing campaigns.
Innovation (15)
Definition: The process of creating and introducing something new that adds value to customers and organizations.
Example: Apple's introduction of the iPhone revolutionized the smartphone industry.
Innovation Culture (15)
Definition: An organizational culture that encourages and supports the generation of new ideas and the pursuit of innovative solutions.
Example: Google's work environment fosters an innovation culture by providing employees with creative freedom and encouraging experimentation.
Innovation Metrics (15)
Definition: Quantitative measures used to assess the effectiveness and impact of innovation efforts, such as R&D investment, new product revenue, or time-to-market.
Example: A pharmaceutical company tracks innovation metrics to evaluate the return on investment (ROI) for its research projects and measure the success of new drug launches.
Inseparability (13)
Definition: Services are produced and consumed simultaneously, involving direct interaction between the service provider and the customer.
Example: Hair salon services, where the stylist and the customer interact during the service delivery.
Intangibility (13)
Definition: Services cannot be touched or seen before purchase or consumption.
Example: Consulting services, where the outcome is intangible and based on expertise and advice.
Integrated Marketing Communication Planning (6)
Definition: The process of developing a comprehensive marketing communication strategy that aligns with organizational objectives and target audience needs. IMC planning involves identifying the target audience, setting communication objectives, selecting appropriate communication channels, developing compelling messages, and monitoring campaign effectiveness.
Example: An organization creates an IMC plan for a new product launch, outlining specific communication goals, selecting a mix of advertising, public relations, and personal selling tactics, and defining key performance indicators to measure campaign success.
Integrated Marketing Communications (IMC) (6)
Definition: The strategic approach that combines various promotional tools and channels to deliver a consistent and impactful message to the target audience. IMC aims to create a unified brand image and enhance customer engagement.
Example: A company uses a mix of advertising, public relations, sales promotions, and personal selling to communicate its brand message and reinforce its market position.
Integration (12)
Definition: The process of connecting and consolidating data and functionalities from multiple systems or applications.
Example: An e-commerce company integrates its CRM system with its inventory management system to ensure accurate product availability and order fulfillment.
Intellectual Property (15)
Definition: Legal rights protecting intangible assets, such as inventions, designs, trademarks, or copyrights.
Example: Apple holds intellectual property rights for its iconic logo, product designs, and software innovations.
Inventory Management (5)
Definition: The process of overseeing and controlling the stock of products to ensure availability for customer demand while minimizing excess inventory.
Example: An online retailer using inventory management software to track product quantities and reorder as needed.
Joint Ventures (9)
Definition: A partnership between two or more companies from different countries to undertake a specific business venture, sharing risks and rewards.
Example: Two pharmaceutical companies collaborating to develop and market a new drug internationally.
Key Performance Indicators (KPIs) (14)
Definition: Quantifiable metrics used to measure the performance and effectiveness of marketing activities. KPIs help track progress toward marketing goals and objectives. Example: Website traffic, conversion rate, customer satisfaction score, and social media engagement are common KPIs. A company sets KPIs such as website traffic, conversion rate, customer retention rate, and social media engagement to monitor its marketing performance.
Keyword Research (8)
Definition: The process of identifying and selecting keywords and phrases that users enter into search engines to find relevant information or products.
Example: Using keyword research tools to identify high-volume and low-competition keywords for SEO and PPC campaigns.
Landing Page (8)
Definition: A standalone web page that is specifically designed to capture visitor information or drive a specific action, typically as part of a marketing campaign.
Example: A landing page for a webinar registration form or a product demo request form.
Landing Page Optimization (8)
Definition: The practice of improving the elements of a landing page to enhance its effectiveness in converting visitors into leads or customers.
Example: Testing different headline variations, call-to-action buttons, and form placements to optimize landing page conversion rates.
Launch Plan (15)
Definition: A comprehensive strategy outlining the activities, resources, and timelines required for a successful product launch.
Example: An e-commerce platform develops a launch plan for a new feature, including marketing campaigns, user onboarding, and customer support training.
Legal Factors (2)
Definition: Laws and regulations governing business activities, including consumer protection, intellectual property rights, and competition laws.
Example: A software company protecting its proprietary technology through patents and copyrights.
Licensing (9)
Definition: Granting permission to a foreign company to use intellectual property rights, such as patents or trademarks, in exchange for royalty payments.
Example: A software company licensing its software to a foreign company for distribution in another country.
Logistics (5)
Definition: The management of the flow of products, information, and resources within the supply chain, including activities such as inventory management, order fulfillment, transportation, and warehousing.
Loyalty Programs (12)
Definition: Rewards programs designed to incentivize repeat purchases and foster long-term customer loyalty.
Example: A coffee shop offers a loyalty card where customers earn points for each purchase, leading to free drinks or discounts.
Macro Environment (2)
Definition: The broader societal forces, including economic, technological, political, legal, and cultural factors, that influence the overall business landscape.
Example: A global sportswear company being affected by trade policies, economic stability, and cultural preferences in different countries.
Market Adaptation (9)
Definition: Modifying brand elements and marketing strategies to suit the unique characteristics and preferences of specific international markets.
Example: Starbucks tailoring its beverage offerings and store ambiance to cater to local tastes and preferences in different countries.
Market Development (11)
Definition: A growth strategy that involves entering new market segments or expanding into new geographic markets. Market development allows a company to reach new customer groups and tap into untapped opportunities. This can be done by adapting products or services to suit the needs of different market segments or targeting customers in new regions. Example: a software company may expand its market development by introducing a simplified version of its software targeted at small businesses.
Market Differentiation (11)
Definition: The process of creating perceived differences and distinctiveness for a product or brand in the minds of customers within a particular market segment. Market differentiation is crucial for capturing the attention and loyalty of target customers.
Example: a coffee brand may differentiate itself within the market by offering a unique selection of specialty coffee blends and a cozy café atmosphere.
Market Disruption (15)
Definition: A significant change in an industry caused by innovative products, services, or business models.
Example: Uber disrupted the taxi industry by introducing a convenient and technology-driven ride-hailing service.
Market Entry (15)
Definition: The process of introducing a product into a new market or expanding into new market segments.
Example: An e-commerce company expands its market entry by launching its platform in a new country.
Market Niche (11)
Definition: A small, specialized segment of the market that has specific needs, preferences, or requirements that are not adequately addressed by mainstream offerings. Targeting a market niche allows companies to focus their efforts and resources on serving a specific customer group with tailored products or services.
Example: a gluten-free bakery may target the niche market of individuals with gluten intolerance or celiac disease by offering a variety of gluten-free baked goods.
Market Orientation (1)
Definition: Market orientation involves understanding and meeting customer needs effectively, as well as continuously gathering market intelligence and adapting strategies based on customer insights.
Example: A company conducts regular market research, customer surveys, and focus groups to gain deep insights into customer preferences, which are then used to develop products, tailor marketing messages, and improve customer experiences.
Market Penetration (11, 14)
Definition: A growth strategy that focuses on increasing market share within existing market segments. Market penetration involves capturing a larger share of customers and increasing the frequency or volume of their purchases. This can be achieved through tactics such as aggressive pricing, promotional campaigns, and improved distribution.
Example: Company A has achieved a 40% market penetration, indicating that 40% of the target market has purchased its product.
Market Position (11)
Definition: The relative standing of a product, brand, or company in the minds of customers compared to competitors. Market position is influenced by factors such as product attributes, pricing, distribution, and promotion strategies.
Example: a luxury car brand may have a strong market position as a symbol of status and prestige.
Market Potential (15)
Definition: The estimated size of a market and the opportunity for sales and revenue.
Example: A beverage company analyzes market potential to determine the demand for a new line of health drinks.
Market Research (14, 15)
Definition: The process of gathering, analyzing, and interpreting information about a market, customers, and competitors to inform decision-making.
Example: A company conducts market research to identify consumer preferences and market trends before developing a new product.
Market Saturation (4)
Definition: The point at which the market is fully supplied with a particular product or service, resulting in stagnant or declining demand.
Example: The market for basic mobile phones reaching saturation as most consumers have already adopted smartphones.
Market Segmentation (2, 4, 7, 11, 14, 15)
Definition: The process of dividing a market into distinct groups of consumers or businesses that have similar needs, characteristics, or behaviors. By segmenting the market, businesses can better understand and target specific customer groups.
Example: a clothing retailer may segment its market into different age groups such as teenagers, young adults, and middle-aged professionals.
Market Segmentation Analysis (11)
Definition: The examination and evaluation of market segments to determine their attractiveness and potential. Market segmentation analysis involves assessing the size, growth potential, profitability, and accessibility of different segments. It helps identify the most viable segments to target and tailor marketing strategies accordingly.
Example: a tourism company may conduct market segmentation analysis to identify lucrative customer segments based on travel behaviors, interests, and spending patterns.
Market Segmentation Strategy (11)
Definition: The approach and methodology used to divide the market into distinct segments. Market segmentation strategies can include demographic, psychographic, behavioral, or geographic segmentation, as well as a combination of these approaches.
Example: a soft drink company may use demographic segmentation to target specific age groups and psychographic segmentation to appeal to health-conscious consumers.
Market Segmentation Variables (11)
Definition: The specific criteria or factors used to divide a market into distinct segments. Market segmentation variables can include demographic, psychographic, behavioral, and geographic factors. These variables help identify meaningful differences among customers and enable targeted marketing efforts.
Example: a hotel chain may use segmentation variables such as travel behavior, purpose of travel, and travel frequency to create distinct customer segments.
Market Share (11, 14)
Definition: The portion or percentage of the total market that a company or brand holds. Market share is a measure of a company's competitive position and is calculated by dividing its sales or revenue by the total market sales or revenue. It is an important indicator of a company's performance and market dominance and provides insights into a company's competitive position within the market.
Example: Company A has $1 million in sales in a market worth $10 million, giving it a market share of 10% ($1 million / $10 million).
Market Targeting (7, 11)
Definition: The process of evaluating and selecting specific market segments that align with the company's objectives and resources. Market targeting involves assessing the attractiveness of each segment and determining the company's ability to serve and meet the needs of those segments effectively.Example: A cosmetics company targeting young adults aged 18-25 who are interested in vegan and cruelty-free beauty products.
Market Targeting Strategies (11)
Definition: Approaches used to select and prioritize target market segments. These strategies include: Undifferentiated Targeting; Differentiated Targeting; Concentrated Targeting; and Micromarketing.
Market Testing (15)
Definition: The process of evaluating a new product or service in a real or simulated market environment to gather feedback, assess its potential performance, and make informed decisions before launching it on a larger scale. Market testing helps organizations gauge customer response, identify potential issues or improvements, and refine their offerings to ensure a successful launch.
Marketing (1)
Definition: Marketing refers to the process of identifying, anticipating, creating, and delivering value to customers in order to satisfy their needs and achieve organizational goals.
Example: A company conducts market research to understand consumer preferences, develops a marketing strategy, and implements various tactics such as advertising, promotions, and pricing to effectively reach and engage its target audience.
Marketing Analytics (14)
Definition: The practice of using data analysis and statistical techniques to gain insights into marketing performance, customer behavior, and market trends. It involves the collection, interpretation, and interpretation of data to drive marketing strategies and decision-making.
Example: By analyzing customer purchase history and browsing behavior, a company can identify cross-selling opportunities and develop targeted marketing campaigns.
Marketing Attribution (14)
Definition: The process of assigning credit to marketing channels and activities that contribute to customer acquisition or conversion. It helps determine the effectiveness of different marketing initiatives.
Example: A company uses marketing attribution models to analyze the impact of various channels, such as social media, email marketing, and paid advertising, on customer conversions.
Marketing Automation (12, 14)
Definition: The use of software and technologies to automate repetitive marketing tasks and workflows. It streamlines processes, improves efficiency, and enhances customer engagement.
Example: An online retailer employs marketing automation to schedule personalized email newsletters based on customer segmentation and behavioral triggers.
Marketing Channel (5)
Definition: It refers to the pathway or route through which products or services flow from the producer to the end consumer. It encompasses the distribution channels, intermediaries, and touchpoints involved in delivering the product to the customer.
Example: A marketing channel for a smartphone manufacturer may involve wholesalers, retailers, online platforms, and customer service centers.
Marketing Concept (1)
Definition: The marketing concept emphasizes understanding and fulfilling customer needs and wants by delivering superior value, with a strong focus on customer satisfaction and long-term relationships.
Example: A company that conducts market research to identify customer needs, develops tailored marketing strategies, and consistently delivers products that meet customer expectations follows a marketing concept approach.
Marketing Cost Ratio (MCR) (14)
Definition: The percentage of a company's revenue that is spent on marketing activities. It helps assess the efficiency of marketing investments.
Example: If a company spends $500,000 on marketing and generates $2 million in revenue, the MCR would be 25% ($500,000 / $2 million).
Marketing Dashboard (14)
Definition: A visual representation of key marketing metrics and performance indicators in a single, consolidated view. It provides a real-time snapshot of marketing performance and facilitates data-driven decision-making.
Example: A marketing dashboard may display metrics such as website traffic, conversion rates, social media engagement, and email open rates in a user-friendly interface.
Marketing Environment (2)
Definition: The external factors and forces that impact a company's marketing activities and decisions.
Example: A company launching a new product would consider factors like competitive landscape, economic conditions, and cultural trends in the target market.
Marketing Funnel (14)
Definition: The customer journey from awareness to conversion, representing the stages a customer goes through in the purchasing process. It includes awareness, interest, consideration, and action.
Example: A customer becomes aware of a product through a social media ad, develops interest by visiting the company's website, considers different options, and finally makes a purchase.
Marketing Mix (14)
Definition: The set of marketing tools and tactics that a company uses to promote its products or services. It includes the 4Ps: product, price, place, and promotion.
Example: A company develops a marketing mix strategy by designing a unique product, setting an optimal price, choosing effective distribution channels, and creating compelling promotional campaigns.
Marketing Qualified Lead (MQL) (14)
Definition: A lead that has been determined to have a higher likelihood of becoming a customer based on specific criteria and engagement with marketing activities.
Example: A lead who has downloaded a whitepaper and subscribed to a company's newsletter is classified as an MQL.
Marketing Research (3)
Definition: The systematic gathering, recording, and analysis of data about customers, competitors, and market trends to facilitate informed decision-making.
Example: A company conducts market research to identify customer preferences, buying behaviors, and market opportunities for a new product launch.
Marketing Research Process (3)
Definition: The systematic steps followed to conduct marketing research, including problem identification, research design, data collection, analysis, and reporting.
Example: A company identifies a research problem, designs a survey questionnaire, collects responses, analyzes the data, and presents the findings in a research report.
Marketing Return on Sales (MROS) (14)
Definition: A metric that measures the profitability of marketing efforts by comparing marketing expenses to sales revenue. It helps assess the efficiency of marketing spending.
Example: If a company spends $200,000 on marketing and generates $1 million in sales revenue, the MROS is 20% ($200,000 / $1,000,000 x 100).
Mass Marketing (11)
Definition: A marketing strategy that targets the entire market with a standardized marketing mix and message. Mass marketing assumes that the needs and preferences of customers within the target market are homogeneous.
Example: a popular soft drink brand may use mass marketing to reach a wide range of consumers with its universally appealing product.
Media Buying (6)
Definition: The process of purchasing advertising space or time on various media channels. Media buying involves negotiating pricing, securing ad placements, and optimizing the media budget to reach the target audience effectively.
Example: An advertising agency is responsible for media buying on behalf of a client, ensuring that their ads appear on selected TV channels, radio stations, and online platforms at the most advantageous times.
Media Mix (6)
Definition: The combination of different media channels used by an organization to reach the target audience effectively. The media mix includes traditional media (TV, radio, print) and digital media (social media, websites, online advertising).
Example: A clothing brand incorporates a media mix by advertising in fashion magazines, running TV commercials during popular shows, and maintaining an active presence on social media platforms to engage with customers.
Media Planning (6)
Definition: The process of selecting the most suitable media channels and allocating advertising budgets to reach the target audience effectively. Media planning involves analyzing audience demographics, media reach, cost considerations, and media scheduling.
Example: An advertising agency researches different television networks, magazines, and online platforms to determine the best media outlets for a client's advertising campaign, considering factors such as target audience reach and cost per impression.
Media Reach (6)
Definition: The extent to which a particular media channel can deliver the marketing message to the target audience. Media reach is measured by the number or percentage of individuals or households exposed to the message.
Example: A television network claims to have a wide media reach, stating that their primetime programming reaches millions of viewers across the country.
Message Clutter (6)
Definition: The abundance of competing marketing messages and advertisements that consumers are exposed to, leading to difficulty in capturing their attention and conveying a clear and memorable message.
Example: In a crowded marketplace, where numerous brands are vying for attention, it becomes challenging for a new brand to break through the message clutter and establish a distinct identity.
Message Consistency (6)
Definition: Ensuring that the marketing messages across different communication channels and touchpoints are aligned and convey a cohesive brand image and value proposition. Message consistency helps reinforce brand identity and avoid confusion.
Example: A fast-food chain maintains consistent messaging across its TV ads, social media posts, and in-store signage, emphasizing its quality ingredients, fast service, and value for money.
Message Decoding (6)
Definition: The process by which the target audience receives and interprets the marketing message. Decoding involves understanding the intended meaning of the message based on individual perceptions, experiences, and cultural backgrounds.
Example: Viewers watching a commercial for a luxury perfume decode the message differently based on their personal preferences, values, and interpretations of the brand's image.
Message Development (6)
Definition: The process of creating persuasive and impactful messages that resonate with the target audience. Message development involves understanding customer needs, crafting compelling content, and choosing appropriate language and tone.
Example: A beverage company develops a message highlighting the refreshing and energizing qualities of its new drink, aiming to appeal to health-conscious consumers seeking a flavorful and rejuvenating beverage option.
Message Encoding (6)
Definition: The process of converting a marketing message into a form that can be communicated through a selected communication channel. Encoding involves choosing words, visuals, symbols, and other elements to effectively convey the intended message.
Example: A company creates a television commercial for a new car, carefully selecting visuals, music, and dialogue to showcase the car's features, performance, and lifestyle appeal.
Micro Environment (2)
Definition: The immediate stakeholders, such as customers, suppliers, distributors, and competitors, that directly interact with a company.
Example: A restaurant's micro environment includes its customers, employees, food suppliers, and nearby competing eateries.
Micromarketing (11)
Definition: A marketing strategy that targets very small, narrowly defined market segments, often at the individual level. Micromarketing aims to create highly personalized and customized marketing experiences.
Example: a personalized nutrition app may offer tailored meal plans and dietary recommendations based on an individual's specific health goals and preferences.
Mobile CRM (12)
Definition: The use of mobile devices, such as smartphones and tablets, to access and manage customer relationship data and interactions on the go.
Example: A sales representative uses a mobile CRM app to update customer information, view sales pipeline, and schedule appointments while meeting with clients outside the office.
Mobile Marketing (6)
Definition: Marketing strategies and tactics designed to engage with the target audience through mobile devices, such as smartphones and tablets. Mobile marketing utilizes channels like mobile apps, SMS marketing, mobile websites, and location-based targeting.
Example: A retail brand sends personalized offers and discounts to customers through SMS messages when they are near their store locations, encouraging them to make a visit and make a purchase
Monitoring and Evaluation (7)
Definition: Monitoring and evaluation involve tracking and assessing the effectiveness of marketing strategies and initiatives, using key performance indicators (KPIs) and metrics to measure progress and success.
Example: An e-commerce company regularly monitoring website traffic, conversion rates, and customer feedback to evaluate the impact of marketing campaigns and identify areas for improvement.
Needs and Wants (1)
Definition: Needs are the basic requirements for survival, such as food, clothing, and shelter. Wants, on the other hand, are desires that go beyond basic necessities and are shaped by individual preferences and cultural influences.
Example: A need is the requirement for food to sustain life, while a want could be a specific craving for a particular cuisine like sushi or pizza.
Net Promoter Score (NPS) (12, 14)
Definition: A metric used to measure customer loyalty and likelihood to recommend a product or service to others. It is based on a scale from 0 to 10, with respondents categorized as promoters, passives, or detractors.
Example: A company calculates its NPS and finds that 60% of respondents are promoters, 30% are passives, and 10% are detractors.
Niche Marketing (11)
Definition: A marketing strategy that targets a small, specialized segment of the market with unique needs or preferences. Niche marketing focuses on serving the specific requirements of a niche customer group, often with tailored products or services.
Example: a boutique skincare brand may cater to customers with sensitive skin by offering hypoallergenic and gentle skincare products.
Noise (6)
Definition: Any interference or distractions that can disrupt or distort the communication process, making it challenging for the intended message to reach the target audience effectively. Noise can include environmental factors, competing messages, or communication barriers.
Example: A television commercial that is aired during a highly anticipated sports event may face noise due to the loud cheering of the audience, making it difficult for the viewers to hear and understand the advertisement's message.
Obsolescence (4)
Definition: The state of being outdated or no longer in use due to advancements in technology or changing customer preferences.
Example: Traditional film cameras becoming obsolete with the rise of digital photography.
Omnichannel Retailing (5)
Definition: The integration of various channels (e.g., physical stores, online platforms, mobile apps) to provide a seamless and consistent shopping experience for customers.
Example: A retailer allowing customers to browse and purchase products both online and in-store with synchronized inventory and customer data.
Open Innovation (15)
Definition: A collaborative approach to innovation that involves external partners, such as customers, suppliers, and researchers, in the innovation process.
Example: LEGO invites customers to submit their own ideas for new LEGO sets through their Ideas platform.
Order Fulfillment (5)
Definition: The process of receiving, processing, and delivering customer orders.
Example: An e-commerce company picking, packing, and shipping products to customers upon receiving their online orders.
Organizational Structure (7)
Definition: Organizational structure refers to the hierarchy and division of responsibilities within a company, determining how marketing teams are organized and their roles and reporting lines.
Example: A multinational corporation establishing a centralized marketing department responsible for overall strategy and coordination, while regional teams focus on local market implementation.
Penetration Pricing (4)
Definition: Setting a low initial price for a new product or service to quickly gain market share and attract price-sensitive customers.
Example: A new streaming service offering a discounted subscription price to entice users away from competitors.
Perceptual Mapping (11)
Definition: A visual representation of how customers perceive different brands in relation to each other based on specific attributes or dimensions. It helps businesses understand the competitive landscape and identify opportunities for positioning and differentiation.
Example: a car manufacturer may use perceptual mapping to analyze how customers perceive brands in terms of luxury, affordability, and reliability.
Perceptual Positioning Map (11)
Definition: A visual representation that shows how consumers perceive different brands or products in relation to specific attributes or dimensions. It helps identify positioning opportunities and competitive gaps in the market.
Example: a smartphone brand may use a perceptual positioning map to analyze how customers perceive brands in terms of price and features.
Performance Measurement (14)
Definition: The process of assessing and evaluating marketing activities and campaigns against predefined goals and objectives. It helps gauge the effectiveness and efficiency of marketing efforts and guides future decision-making. Example: A company may measure the performance of a promotional campaign by comparing actual sales generated to the target sales set for the campaign.
Perishability (13)
Definition: Services are perishable and cannot be stored or inventoried.
Example: Airline seats, which cannot be saved for future flights once the plane departs.
Personal Selling (6)
Definition: Direct, face-to-face communication between sales representatives and potential customers to build relationships, address inquiries, and facilitate sales transactions. Personal selling involves understanding customer needs, presenting product benefits, and overcoming objections.
Example: A salesperson at a car dealership assists a customer in choosing the right vehicle by providing information about features, specifications, and financing options.
Personalization and Automation (12)
Definition: Leveraging CRM systems to deliver personalized experiences to customers while automating routine tasks for improved efficiency.
Example: An online clothing retailer uses automation to send personalized birthday offers to customers and automate order processing and shipment notifications.
Personalized Communication (12)
Definition: Tailoring marketing messages and interactions to meet the individual preferences and needs of customers.
Example: An e-commerce website sends personalized product recommendations based on a customer's previous purchases and browsing history.
Philanthropy (10)
Definition: The act of donating money, resources, or time to charitable causes.
Example: A company establishing a foundation to support educational programs in underprivileged communities.
Place (Distribution) (7)
Definition: Place, also known as distribution, refers to the activities involved in making a product available to customers, including the selection of sales channels and physical distribution methods.
Example: A beverage company distributing its products through a network of wholesalers, retailers, and online platforms.
Political Factors (2)
Definition: Government policies, regulations, and stability that influence business operations and market conditions.
Example: A company manufacturing pharmaceutical products must comply with regulatory standards set by health authorities to ensure product safety and efficacy.
Positioning (7, 11)
Definition: The process of creating a distinct image and value perception of a product or brand in the minds of consumers within a target market. Positioning helps differentiate the product from competitors and influences consumers' purchasing decisions.
Example: A fast-food chain positioning itself as the affordable, convenient, and family-friendly option in the crowded quick-service restaurant market.
Positioning Statement (11)
Definition: A concise and compelling statement that communicates the unique value proposition and intended position of a product or brand in the market. A positioning statement outlines the target market, points of differentiation, and key benefits offered to customers. It serves as a guiding principle for marketing and communication efforts.
Example: a personal care brand may have a positioning statement such as "For health-conscious individuals seeking natural and sustainable skincare solutions, our brand offers organic products that nourish and rejuvenate the skin."
Positioning Strategy (11)
Definition: The overall approach and plan for how a product or brand will be positioned in the market. A positioning strategy includes determining the target market segment, identifying key points of differentiation, and developing a compelling value proposition that resonates with customers.
Example: a smartphone company may adopt a positioning strategy of offering affordable smartphones with high-end features to cater to budget-conscious tech enthusiasts.
Post-Launch Evaluation (15)
Definition: The assessment of a new product's performance, customer satisfaction, and market response after it has been introduced. Example: A software company collects user feedback, analyzes sales data, and monitors customer reviews to evaluate the success of a newly released application.
Post-Launch Monitoring (15)
Definition: The ongoing evaluation and tracking of a product or service after it has been introduced to the market, to assess its performance and make necessary adjustments.
Example: A clothing brand launches a new line of t-shirts in various colors and designs. After the launch, they closely monitor the sales data, customer feedback, and social media mentions to gauge the success of the new line. Based on the feedback received, they may identify that certain designs are more popular than others, leading them to adjust their production and marketing strategies accordingly. The post-launch monitoring helps the brand to stay informed about customer preferences, make informed decisions, and optimize their product offerings for better sales and customer satisfaction.
Price Elasticity (4)
Definition: The responsiveness of demand for a product or service to changes in its price.
Example: If a small increase in the price of a movie ticket leads to a significant decrease in ticket sales, the movie ticket has high price elasticity.
Price Gouging (10)
Definition: Unfairly and excessively raising prices during times of high demand or scarcity.
Example: Increasing the price of essential items like hand sanitizers during a public health crisis.
Pricing Strategies (4)
Definition: The approaches used to determine the selling price of a product or service, including cost-based pricing, value-based pricing, and competition-based pricing.
Example: a luxury car manufacturer pricing its vehicles based on the premium features, craftsmanship, and exclusivity they offer.
Pricing Strategy (7)
Definition: Pricing strategy refers to the approach businesses adopt to determine the optimal price for their products or services.
Example: A luxury watch brand employing a premium pricing strategy to position its products as high-end and exclusive.
Primary Research (3)
Definition: The collection of original data directly from the target audience through surveys, interviews, observations, or experiments.
Example: A company conducts interviews with potential customers to understand their preferences and opinions about a new product concept.
Product (7)
Definition: A product refers to a tangible good, service, or idea that is offered to fulfill customers' needs or wants.
Example: An e-commerce platform offering a wide range of clothing, accessories, and home décor items to customers.
Product Adaptation (4)
Definition: Modifying a product or service to meet the specific needs and preferences of a particular market or geographic region.
Example: A multinational fast-food chain adapting its menu offerings to include vegetarian options in a country with a large vegetarian population.
Product Concept (1)
Definition: The product concept emphasizes continuous product innovation and improvement to meet customer expectations and deliver superior quality and performance.
Example: A company that invests in research and development, regularly introduces new product features and enhancements, and seeks customer feedback for product improvements follows a product concept orientation.
Product Development (4, 11)
Definition: A growth strategy that focuses on creating and introducing new products or product variations to existing market segments. Product development allows a company to meet evolving customer needs, enhance customer loyalty, and capture additional market share. This can involve introducing new features, improving product performance, or offering different product options.
Example: a smartphone manufacturer may develop a new model with advanced camera capabilities to attract photography enthusiasts.
Product Differentiation (4)
Definition: Creating unique features, benefits, or qualities in a product or service to set it apart from competitors and appeal to target customers.
Example: A smartphone company highlighting its superior camera quality and innovative software features.
Product Life Cycle (4)
Definition: The stages that a product or service goes through from introduction to decline, including introduction, growth, maturity, and decline.
Example: The life cycle of a smartphone, starting from its launch, gaining popularity, reaching maturity, and eventually being replaced by newer models.
Product Lifecycle Management (PLM) (15)
Definition: The strategic approach to managing a product's entire lifecycle, from ideation to retirement, including design, development, manufacturing, and support.
Example: An electronics company implements PLM software to streamline and coordinate the various stages of product development.
Product Line Extension (4)
Definition: Introducing additional products or variants within an existing product line to cater to different customer needs or expand market coverage.
Example: McDonald's introducing new burger variants and meal options within its existing product line.
Product Mix (4)
Definition: The complete range of products or services offered by a company, including product lines, product variants, and product categories.
Example: Procter & Gamble's product mix includes various brands and product lines in categories such as personal care, household cleaning, and baby care.
Product Orientation (1)
Definition: Product orientation is an approach in which a company focuses primarily on developing and improving its products, assuming that customers will favor quality and innovative offerings.
Example: A company investing significant resources in research and development to create cutting-edge smartphones with the latest technologies and features demonstrates a product orientation.
Product Placement (4)
Definition: Integrating a product or brand into media content such as movies, TV shows, or online videos to increase visibility and brand exposure.
Example: A popular soft drink brand prominently featured in a movie scene, with characters visibly consuming the product.
Product Portfolio (4)
Definition: The collection of all products or services offered by a company, including its various product lines and brands.
Example: The product portfolio of an electronics company may include televisions, smartphones, home appliances, and audio devices.
Product Portfolio Management (15)
Definition: The systematic management of a company's product portfolio to ensure a balanced mix of products that align with market demand and strategic goals.
Example: A consumer goods company regularly assesses its product portfolio to identify underperforming products, discontinue outdated ones, and invest in new innovations.
Product Positioning (4)
Definition: The way a product or service is perceived and positioned in the minds of target customers relative to competing offerings.
Example: Volvo positioning itself as a brand known for safety and reliability in the automobile market.
Product Recall (4)
Definition: The action of withdrawing a defective or unsafe product from the market to protect consumers and the brand's reputation.
Example: An automobile manufacturer recalling vehicles due to a safety-related issue such as faulty airbags.
Product Safety (10)
Definition: Ensuring that products meet safety standards and do not pose any harm to consumers.
Example: Regularly conducting safety tests and inspections to ensure the absence of hazards in a children's toy.
Production Concept (1)
Definition: The production concept focuses on maximizing production efficiency and minimizing costs, assuming that customers will favor products that are affordable and readily available.
Example: A company that aims to reduce production costs by streamlining manufacturing processes, achieving economies of scale, and offering basic products at competitive prices follows a production concept.
Project Management (15)
Definition: The application of knowledge, skills, tools, and techniques to plan, execute, and control project activities. Example: A project manager uses project management techniques, such as Gantt charts and risk management, to ensure the successful completion of an NPD project.
Project Portfolio Management (15)
Definition: The process of prioritizing and managing a company's projects to ensure alignment with strategic goals and resource allocation.
Example: A company uses project portfolio management to evaluate and prioritize new product development projects based on their potential impact and resource requirements.
Promotion (7)
Definition: Promotion encompasses various marketing activities undertaken to communicate and persuade customers about a product or service, including advertising, sales promotions, public relations, and personal selling.
Example: A technology company launching a television advertising campaign, offering limited-time discounts, and engaging with influencers to generate buzz for its new smartphone release.
Promotional Mix (6)
Definition: The combination of specific promotional tools and techniques used by an organization to communicate with the target audience. The promotional mix includes advertising, public relations, sales promotion, personal selling, and other forms of communication.
Example: An automobile manufacturer utilizes a promotional mix that includes television ads, sponsorships of sports events, dealer incentives, and a network of sales representatives to create brand awareness and drive sales.
Prototype (15)
Definition: A physical or digital representation of a product that allows for testing, feedback, and refinement before full-scale production.
Example: A car manufacturer creates a prototype of a new model to test its performance, design, and features.
Psychographic Segmentation (7, 11)
Definition: Segmenting the market based on consumers' lifestyles, values, attitudes, interests, and personality traits. This approach considers consumers' psychological and emotional characteristics to create targeted marketing messages.
Example: a fitness brand may target health-conscious individuals who prioritize an active and balanced lifestyle.
Psychographic Segmentation:
Public Relations (PR) (6)
Definition: The practice of managing communication and relationships between an organization and its stakeholders to build and maintain a positive image. PR activities include media relations, community engagement, event management, and crisis communication.
Example: A company organizes a press conference to announce a new product launch, inviting media representatives to cover the event and generate positive media coverage.
Public Service Announcement (PSA) (6)
Definition: A non-commercial message disseminated through various media channels to raise awareness and promote public interest in social issues, health, safety, or community causes. PSAs aim to educate, inform, and inspire action.
Example: A government organization releases a series of TV and radio PSAs to raise awareness about the importance of recycling and encourage citizens to adopt environmentally friendly practices.
Publicity (6)
Definition: Unpaid, non-personal communication that generates media coverage and public attention for a brand, product, or organization. Publicity can result from news stories, press releases, events, or viral content.
Example: A company's product launch event receives widespread publicity as multiple media outlets cover the event, resulting in news articles, online features, and social media mentions.
Real-Time Reporting (14)
Definition: The generation and delivery of up-to-date reports and analytics in real-time or near real-time. It allows marketers to monitor performance instantly and make timely adjustments to campaigns. Example: A marketing team can receive real-time reports on campaign performance, customer behavior, and sales data, enabling them to react quickly to changes in the market.
Recovery Options (13)
Definition: The various actions and remedies available to service providers to address service failures and restore customer satisfaction.
Example: A restaurant providing a complimentary meal, discount, or voucher for a future visit as a recovery option for a dissatisfied customer.
Replication (11)
Definition: The process of imitating or copying successful marketing strategies or positioning approaches of competitors. Replication is done to gain market share and replicate the success of established brands. However, it can also lead to a lack of differentiation and weak brand identity.
Example: fast-food chain may replicate the menu and pricing strategies of a successful competitor in a new market.
Repositioning (11)
Definition: The strategic process of changing a brand's current position to target new market segments, cater to evolving customer needs, or differentiate from competitors. Repositioning requires adjustments in branding, messaging, and product offerings.
Example: a soft drink brand may reposition itself as a healthier beverage option by introducing a line of low-sugar and natural ingredient-based drinks.
Repositioning Communication (11)
Definition: The communication strategies and tactics used to convey the new positioning of a product, brand, or company to the target market. Repositioning communication involves crafting and delivering messages that effectively communicate the changes, benefits, and value of the repositioned offering. This can be done through advertising, public relations, social media, and other marketing channels.
Example: a fast-food chain may launch a repositioning communication campaign emphasizing its new menu options, fresh ingredients, and commitment to healthier choices.
Repositioning Strategy (11)
Definition: The planned actions and tactics undertaken to change the perception and position of a product, brand, or company in the market. Repositioning strategies can include altering marketing messages, adjusting pricing, redesigning packaging, or targeting new customer segments.
Example: a fast-food chain may reposition itself by introducing healthier menu options and emphasizing its commitment to sustainability.
Repositioning Tactics (11)
Definition: The specific actions and strategies implemented to change the perception and position of a product or brand in the market. Repositioning tactics can include rebranding, redesigning packaging, revising marketing messages, launching new product features, or targeting different customer segments.
Example: a traditional watch company may reposition itself by collaborating with a popular fashion designer and introducing a line of trendy and fashionable watches.
Research Ethics (3)
Definition: The ethical considerations and guidelines followed during the research process, including obtaining informed consent, ensuring privacy, and maintaining confidentiality.
Example: Researchers adhere to ethical principles by ensuring that participants' personal information remains confidential and is used only for research purposes.
Research Report (3)
Definition: A document that presents the findings, analysis, and recommendations resulting from a marketing research study.
Example: A company prepares a comprehensive research report summarizing the research objectives, methodology, findings, and actionable recommendations.
Resource Allocation (7)
Definition: Resource allocation involves determining how resources such as budget, personnel, and technology will be allocated to support the implementation of marketing strategies.
Example: An online retailer allocating a significant portion of its budget to digital marketing campaigns and investing in advanced analytics tools to enhance customer targeting and tracking.
Responsive Web Design (8)
Definition: Designing a website that adjusts and adapts its layout and content to different screen sizes and devices, providing an optimal user experience across desktop, mobile, and tablet devices.
Example: Using CSS media queries to ensure that website elements resize and reposition appropriately on smaller screens.
Retailer (5)
Definition: An intermediary that sells products directly to the end consumer.
Example: A clothing store that sells fashion apparel to individual customers.
Retailing (5)
Definition: The process of selling products or services directly to the end consumer through physical or online retail outlets.
Example: A department store offering a wide range of products to individual shoppers.
Definition: The process of selling products or services directly to the end consumer through physical or online retail outlets.
Example: A department store offering a wide range of products to individual shoppers.
Retention Rate (12)
Definition: The percentage of customers retained over a specific period, usually calculated as (Number of Customers at the End - Number of New Customers) / Number of Customers at the Start.
Example: A subscription-based software company has a retention rate of 90%, indicating that 90% of its existing customers continue to renew their subscriptions.
Return on Investment (ROI) (14)
Definition: A financial metric that measures the profitability of an investment by comparing the net gain or loss generated to the cost of the investment. In marketing, ROI is used to assess the effectiveness and efficiency of marketing campaigns.
Example: If a company invests $10,000 in a marketing campaign and generates $50,000 in sales as a result, the ROI would be 400% ($50,000 - $10,000 / $10,000).
Return on Marketing Investment (ROMI) (14)
Definition: A metric that measures the return generated from marketing investments. It compares the revenue or profit generated to the cost of marketing activities.
Example: If a company spends $100,000 on marketing and generates $500,000 in revenue, the ROMI would be 5 ($500,000 / $100,000).
Rewards Program (12)
Definition: A structured initiative that offers incentives, discounts, or exclusive benefits to customers as a means of encouraging loyalty and repeat purchases.
Example: A hotel chain offers a rewards program where guests earn points for each stay, which can be redeemed for free nights, upgrades, or other perks.
Risk Management (15)
Definition: The process of identifying, assessing, and mitigating potential risks and uncertainties associated with new product development.
Example: A pharmaceutical company employs risk management strategies to navigate regulatory requirements and ensure the safety and efficacy of new drug development.
Sales Collateral (6)
Definition: Printed or digital materials, such as brochures, catalogs, sales presentations, and product samples, used by sales representatives to support the selling process and provide information about products or services.
Example: A pharmaceutical company equips its sales team with detailed product brochures, scientific studies, and samples to facilitate discussions with healthcare professionals and promote their latest medications.
Sales Orientation (1)
Definition: Sales orientation emphasizes aggressive sales and promotional strategies to convince customers to buy products, with a primary focus on generating high sales volumes.
Example: A company that employs a large salesforce and offers attractive discounts, promotions, and incentives to push customers into making immediate purchases exhibits a sales orientation.
Sales Promotion (6)
Definition: Short-term incentives and promotional activities designed to stimulate immediate sales and encourage customer engagement. Sales promotion techniques include discounts, coupons, contests, loyalty programs, and product demonstrations.
Example: A retailer offers a limited-time discount on a specific product to encourage customers to make a purchase.
Sales Qualified Lead (SQL) (14)
Definition: A lead that has been deemed ready for direct sales engagement based on specific criteria, such as budget, authority, need, and timeline.
Example: A lead who has requested a product demonstration and has the authority to make purchasing decisions is considered an SQL.
Sample Size (3)
Definition: The number of participants or data points included in a research study.
Example: A company aims to survey a sample size of 500 respondents to ensure statistical accuracy in the research findings.
Screening Criteria (15)
Definition: Specific criteria used to evaluate and select the most promising product ideas for further development. Example: A company may use criteria such as market potential, competitive advantage, and fit with company capabilities to screen product ideas.
Search Engine Marketing (SEM) (8)
Definition: Using paid search advertising to increase website visibility and drive targeted traffic from search engine results pages.
Example: Running Google Ads campaigns that appear at the top of search results when users search for relevant keywords.
Search Engine Optimization (SEO) (8)
Definition: The practice of optimizing a website's content, structure, and other elements to improve its organic (non-paid) search engine rankings.
Example: Optimizing website pages with relevant keywords and meta tags to improve visibility in search results.
Secondary Research (3)
Definition: The utilization of existing data from external sources, such as published reports, industry publications, and online databases.
Example: A company analyzes industry reports and competitor websites to gather information about market trends, customer demographics, and competitive strategies.
Segmentation Variables (11)
Definition: The criteria or factors used to divide the market into distinct segments. These variables can include demographic, psychographic, behavioral, and geographic factors.
Example: a clothing retailer may use segmentation variables such as age, income, and fashion preferences to target specific customer segments.
Selling Concept (1)
Definition: The selling concept focuses on aggressive sales and promotional efforts to convince customers to buy a product or service, often relying on persuasion and push-based marketing tactics.
Example: A company that heavily invests in advertising campaigns, door-to-door sales, and telemarketing to persuade customers to purchase its products uses a selling concept approach.
Service Encounter (13)
Definition: The actual interaction between the customer and the service provider.
Example: A customer visiting a bank branch and interacting with a teller to withdraw money.
Service Failure (13)
Definition: When a service does not meet customer expectations or falls short of the promised level of performance.
Example: A package delivery service failing to deliver a package within the promised time frame.
Service Guarantees (13)
Definition: Promises made by service providers to customers regarding specific aspects of the service, such as quality, delivery, or satisfaction.
Example: An airline offering a guarantee to refund a customer's ticket if their flight is delayed beyond a certain threshold.
Service Quality (13)
Definition: The overall excellence or superiority of a service.
Example: A hotel that consistently provides exceptional service experiences.
Service Recovery (13)
Definition: The process of addressing and resolving service failures and customer complaints to restore customer satisfaction.
Example: A hotel providing complimentary room upgrades and additional amenities to a guest who experienced an issue with their initial room.
Service Recovery Paradox (13)
Definition: The phenomenon where effectively resolving a service failure or complaint can result in higher customer satisfaction and loyalty than if no failure had occurred.
Example: A company addressing a customer complaint promptly and going above and beyond to resolve the issue, leading to increased customer loyalty.
SERVQUAL (13)
Definition: A popular model for measuring service quality based on five dimensions: reliability, responsiveness, assurance, empathy, and tangibles.
Example: A hotel using SERVQUAL surveys to assess customer perceptions of their service quality across different dimensions.
SERVQUAL Model (13)
Definition: A model that identifies five dimensions of service quality: reliability, responsiveness, assurance, empathy, and tangibles.
Example: A bank that ensures its ATMs are always operational (reliability dimension) and responds promptly to customer inquiries (responsiveness dimension).
Simultaneity (13)
Definition: Services are created and consumed in real-time, with customers actively participating in the service delivery process.
Example: Live performances, such as concerts or theater shows, where the audience experiences the service in the moment.
Skimming Pricing (4)
Definition: Setting an initially high price for a new product or service to maximize revenue from early adopters and gradually lowering it over time.
Example: A new gaming console being introduced at a premium price and then reducing the price as it becomes more widely adopted.
Social Impact Assessment (10)
Definition: Evaluating the positive and negative social impacts of business activities and making informed decisions based on the assessment.
Example: Assessing the potential social consequences of opening a new factory on the local community and implementing mitigating measures.
Social Media Analytics (8)
Definition: The measurement and analysis of data from social media platforms to evaluate the effectiveness of marketing efforts, track key performance indicators (KPIs), and make informed decisions.
Example: Analyzing engagement metrics like likes, shares, and comments to assess the reach and impact of a social media campaign.
Social Media Content Strategy (8)
Definition: A plan that outlines the types of content to be created and shared on social media platforms to achieve marketing goals.
Example: Developing a content calendar with a mix of educational, entertaining, and promotional content tailored to the target audience.
Social Media Engagement (14)
Definition: The level of interaction and involvement of users with social media content, including likes, comments, shares, and clicks. It is used to measure the effectiveness of social media marketing efforts.
Example: A company's Facebook post receives 500 likes, 100 comments, and 50 shares, indicating a high level of social media engagement.
Social Media Marketing (8)
Definition: The use of social media platforms to promote products, build brand awareness, engage with customers, and drive website traffic or conversions.
Example: Creating engaging posts on Instagram to showcase products and encourage user interaction.
Socially Responsible Advertising (10)
Definition: Creating advertisements that promote positive social values and avoid offensive or misleading content.
Example: Featuring diverse and inclusive representations of individuals in an advertising campaign.
Societal Marketing Concept (1)
Definition: The societal marketing concept suggests that companies should consider both their profits and the broader social implications of their actions, aiming to meet customer needs while contributing to the well-being of society.
Example: A company that develops environmentally friendly products, supports social causes, and promotes ethical business practices while still ensuring profitability demonstrates a societal marketing concept orientation.
Societal Orientation (1)
Definition: Societal orientation suggests that companies should consider both their profits and the broader social implications of their actions, making decisions that benefit society as a whole.
Example: A company that adopts sustainable manufacturing practices, promotes environmental conservation, and supports community initiatives aligns with a societal orientation by taking actions that positively impact society beyond their business objectives.
Sponsorship (6)
Definition: A marketing strategy that involves supporting an event, organization, or cause in exchange for visibility and association with the sponsored entity. Sponsorship helps enhance brand recognition, create positive associations, and engage with target audiences.
Example: A sports shoe company sponsors a marathon event, providing financial support and supplying running gear to participants. In return, the company's logo and branding are prominently displayed during the event.
Stage-Gate Process (15)
Definition: A structured approach to managing the new product development process, consisting of defined stages and decision gates for project evaluation and approval.
Example: Procter & Gamble uses a stage-gate process to ensure that new product ideas progress through a series of stages, with management review at each gate before proceeding to the next stage.
Stakeholder Management (10)
Definition: Identifying and addressing the needs and concerns of all stakeholders, including customers, employees, communities, and investors.
Example: A company engaging in regular dialogue with its employees to understand their concerns and taking steps to address them.
Strategic Planning (7)
Definition: Strategic planning involves setting long-term goals and defining the actions necessary to achieve them, considering internal and external factors that impact the organization's success.
Example: An automobile manufacturer creating a strategic plan to expand its global presence, increase market share, and develop innovative electric vehicle technology.
Supply Chain (5)
Definition: The entire network of organizations, activities, information, and resources involved in the production, distribution, and delivery of a product or service to the end consumer. It encompasses all stages, from raw material procurement to final product consumption.
Example: The supply chain for a global fashion brand includes suppliers, manufacturers, distributors, and retailers working together to deliver products to customers worldwide.
Supply Chain Ethics (10)
Definition: Ensuring ethical practices and responsible sourcing throughout the supply chain, including suppliers and subcontractors.
Example: Regularly auditing suppliers to verify compliance with labor and environmental standards.
Sustainable Product Development (10)
Definition: Designing and producing products that meet present needs without compromising the ability of future generations to meet their own needs.
Example: Creating a line of organic skincare products using sustainably sourced ingredients.
SWOT Analysis ( 2, 7, 15)
Definition: SWOT analysis is a strategic planning tool used to evaluate a company's strengths, weaknesses, opportunities, and threats, enabling the identification of key areas to leverage and potential challenges to address.
Example: A restaurant conducting a SWOT analysis to assess its strengths in culinary expertise, weaknesses in customer service, opportunities for expansion into catering services, and threats from new competitors entering the market.
Target Audience (6)
Definition: The specific group of individuals or potential customers that a marketing communication effort is aimed at. The target audience is identified based on demographic, psychographic, and behavioral characteristics.
Example: An energy drink brand targets young adults aged 18-24 who are physically active and seek an energy boost for their active lifestyles.
Target Market (1, 11)
Definition: The target market refers to a specific group of customers that a business aims to serve with its products or services, based on their shared characteristics and needs.
Example: An athletic footwear company may target the market segment of active individuals who participate in sports and outdoor activities, offering products specifically designed to meet their needs and preferences.
Target Market Identification (11)
Definition: The process of identifying and selecting the specific market segments that a company will focus on for its marketing efforts. Target market identification involves evaluating different segments based on their attractiveness, potential profitability, and compatibility with the company's objectives and resources.
Example: a fitness apparel brand may identify active, health-conscious millennials as its target market based on their fitness behaviors and purchasing power.
Target Market Profile (11)
Definition: A detailed description of the characteristics and traits of the target market segment. The target market profile includes demographic, psychographic, behavioral, and geographic information to provide a comprehensive understanding of the segment's preferences, needs, and buying behaviors.
Example: a beauty brand may create a target market profile for young, urban females aged 18-25 with an interest in natural and organic beauty products.
Target Market Selection (11)
Definition: The process of choosing the most attractive and viable market segments to pursue based on their potential profitability, growth opportunities, competition, and compatibility with the company's resources and capabilities. Target market selection involves evaluating various segment characteristics and prioritizing the segments that offer the best fit for the company's marketing objectives.
Example: a hotel chain may prioritize business travelers and frequent flyers as their target market segments due to their higher spending potential.
Target Marketing (10)
Definition: The process of identifying specific segments or groups within the larger market and developing marketing strategies tailored to meet their distinct needs, preferences, and characteristics. Target marketing allows organizations to focus their resources and efforts on the most relevant and profitable customer segments, maximizing the effectiveness of their marketing campaigns.
Example: Suppose a sports apparel company wants to launch a new line of running shoes. Through target marketing, they identify their primary customer segment as active individuals between the ages of 25 and 40 who are passionate about fitness and engage in regular running activities. The company conducts market research to understand this target market's preferences, such as the types of running surfaces they prefer, the level of cushioning they seek in running shoes, and the importance of style and aesthetics.
Targeting Strategy (11)
Definition: The approach and method used to select and focus on specific market segments. Targeting strategies determine which segments to pursue and how to allocate resources effectively. They consider factors such as segment size, growth potential, competitive intensity, and company capabilities.
Example: an e-commerce platform may adopt a targeting strategy of focusing on urban millennials who are tech-savvy and have a higher propensity for online shopping.
Technological Factors (2)
Definition: Advancements and innovations in technology that impact industries and consumer behavior.
Example: The rise of e-commerce and mobile shopping has transformed the retail industry and how consumers make purchasing decisions.
Test Marketing (4, 15)
Definition: A controlled launch of a new product in a specific market to evaluate its performance and gather feedback before a full-scale rollout.
Example: A food company conducts test marketing of a new snack product in select cities to assess consumer response and make necessary adjustments.
Time-to-Market (15)
Definition: The duration it takes for a product to be developed, tested, and launched into the market.
Example: A technology company aims to reduce its time-to-market for new smartphone models to stay competitive in the fast-paced industry.
Transportation (5)
Definition: The movement of products or goods from one location to another. It can involve various modes such as road, rail, air, or sea transportation.
Example: A shipping company transporting goods from a manufacturing plant to distribution centers.
Undifferentiated Marketing (11)
Definition: A marketing strategy that ignores market segmentation and targets the entire market with a single marketing mix. This approach assumes that all customers have similar needs and preferences.
Example: a basic household cleaning product may be marketed to all households regardless of demographic or psychographic differences.
Undifferentiated Targeting (11)
Definition: Targeting the entire market with a single marketing mix. This strategy assumes that all customers have similar needs and preferences.
Example: a basic household cleaning product may be targeted towards all households.
Unique Selling Proposition (USP) (11)
Definition: A distinctive and compelling factor that sets a product or brand apart from competitors and provides a unique value proposition to customers. The USP highlights a specific benefit or feature that makes the product or brand more appealing and desirable.
Example: a toothpaste brand may promote its USP of "whitening power" as a key differentiator in the market.
User Experience (UX) Design (8)
Definition: The process of designing websites and digital interfaces that provide a positive and engaging experience for users.
Example: Conducting user research and testing to ensure easy navigation, intuitive layouts, and visually appealing designs.
User-Centric Website Design (8)
Definition: Designing a website with the primary focus on delivering a seamless and intuitive user experience to visitors.
Example: Using clear navigation menus, prominent call-to-action buttons, and responsive design to enhance usability.
Value (1)
Definition: Value represents the perceived benefits or satisfaction that customers derive from a product or service in relation to its cost.
Example: A customer purchasing a high-quality smartphone that offers advanced features, durability, and excellent customer support at a reasonable price perceives the product as having a high value.
Value Proposition (11, 15)
Definition: The unique set of benefits and value that a product or brand offers to its customers. The value proposition is a promise of the value that customers can expect to receive by choosing the offering over competitors. It communicates the key reasons why customers should buy and use the product.
Example: a skincare brand may offer a value proposition of natural and organic ingredients that provide effective and gentle skincare solutions.
Variability (13)
Definition: Services can vary in quality due to their reliance on human interaction and other factors.
Example: Restaurant service, where the quality of service can vary depending on the staff and circumstances.
Warehousing (5)
Definition: The storage and management of inventory in a designated facility.
Example: A company leasing a warehouse to store and organize its products before distribution.
Warranty ( 4)
Definition: A guarantee provided by the seller to the buyer, promising to repair or replace a product within a specified period if it has defects or malfunctions.
Example: A smartphone manufacturer offering a one-year warranty that covers repairs or replacement for hardware faults.
Website Analytics (8)
Definition: The collection and analysis of data related to website performance, user behavior, and marketing campaigns.
Example: Using tools like Google Analytics to track website traffic, user engagement, and conversion metrics to make data-driven decisions.
Website Speed Optimization (8)
Definition: Optimizing a website's loading speed to provide a fast and smooth browsing experience.
Example: Compressing image files, minifying code, and using caching techniques to reduce page load times.
Wholesaler (5)
Definition: Wholesalers are intermediaries who buy products in bulk from manufacturers and sell them to retailers or other businesses. They typically operate on a larger scale and help in efficient distribution by storing, sorting, and breaking down large quantities of products.
Example: a grocery wholesaler purchases products from multiple food manufacturers and supplies them to local supermarkets.
