Marketing Definitions Notes
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Marketing Definitions Revision
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Action Plans - individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan. Advertising - non personal communication paid for by an identified sponsor using mass media to persuade or inform. Advertising Appeal - the central idea or theme of an advertising message. Advertising Campaign - a coordinated, comprehensive plan that carries out promotion objectives and results in a series of advertisements placed in media over a period of time. Augmented Services - the core service plus additional services provided to enhance value. Base Point Pricing - a pricing tactic where customers pay shipping charges from set base point locations whether the goods are actually shipped from these points or not. BCG Growth Market Share Matrix - a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products. Behavioural Segmentation - a technique that divides consumers into segments on the basis of how they act toward, feel about or use a good or service. Bottom Up Budgeting Techniques - allocation of the promotion budget based on identifying promotion goals and allocating enough money to accomplish them. Brand Extensions - a new product sold with the same brand name as a strong existing brand. Brand Loyalty - a pattern of repeat product purchases accompanied by an underlying positive attitude toward the brand that is based on the belief that the brand makes products superior to its competition. Buzz Marketing - using high profile entertainment or news to get people to talk about your brand. Cannibalisation - the loss of sales of an existing band when a new item in a product line or product family is introduced. Captive Pricing - a pricing tactic for two items that must be used together; one item is priced low and the firm makes its profit on the other, high margin item essential to the operation of the first item. Casual Research - a technique that attempts to understand cause and effect relationships. Competitive Parity Method - a promotion budgeting method in which an organisation matches whatever competitors are spending. Concentrated Targeting Strategy - focusing a firm's effort on offering one or more products to a single segment. Consumer Behaviour - the process involved when individuals or groups select, purchase, use and dispose of goods, services, ideas or experiences to satisfy their needs and desires. Consumer Orientation - a management philosophy that focuses on ways to satisfy customers' needs and wants. Consumer Satisfaction/Dissatisfaction - the overall feelings or attitude a person has about a product after purchasing it.
Continuous Innovation - a modification of an existing product that sets one brand apart from its competitors. Convenience product - a consumer good or service that is usually low priced, widely available and purchased frequently with a minimum of comparison and effort. Convenience Stores - retailers that carry a limited number of frequently purchased items and cater to consumers willing to pay a premium for the ease of buying close to home. Cost Plus Pricing - a method of setting prices I which the seller totals all the costs for the product and then adds an amount to arrive at the selling price. Customer Relationship Management - a philosophy that sees marketing as a process of building long term relationships with customers to keep them satisfied and to keep them coming back. A concept that involves systematically tracking consumer's preferences and behaviours overtime in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. Database Marketing - the creation of an on-going relationship with a set of customers who have an identifiable interest in a product or service and whose responses to promotional efforts become part of future communications attempts. Decline Stage - the final stage in the product lifecycle in which sales decrease as customers' needs change. Demand Based Pricing - a price setting method based on estimates of demand at different prices. Descriptive Research - a tool that probes more systematically into the problem and bases its conclusions on large numbers of observations. Differentiated Targeting Strategy - developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace. Diffusion - the process by which the use of a product spreads through a population. Direct Marketing - any direct communication to a consumer of business recipient that is designed to generate a response in the form of an order, a request for further information, and/or a visit to a shop or other place of business for purchase of a product. Discontinuous Innovation - a totally new product that creates major changes in the way we live. Disintermediation - eliminating the interaction between customers and salespeople so as to minimise negative service encounters. Durable Goods - consumer products that provide benefits over a long period of time. Dynamic Pricing - a pricing strategy in which the price can easily be adjusted to meet changes in the market place. Dynamically Continuous Innovation - a change in an existing product that requires a moderate amount of learning or behaviour change. Early Adopters - those who adopt an innovation early in the diffusion process but after the innovators. Early Majority - those whose adoption of a new product signals a general acceptance of the innovation. Enterprise Resource Planning Systems - a software system that integrates information from across the entire company. Data need to be entered into the system only once, at one point, and then the data are automatically shared throughout the organisation.
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