- advertising
- mass communication that allows companies to reach a broad audience through TV, radio, newspaper, Internet, magazines, and outdoor ads
- brand
- image a company promotes and the connotations it fosters of itself and its products
- brand advocate
- someone who is a fan of your products and passes on the word to others
- brand strategy
- image a company conveys to its customers
- bundling
- bundle of products that is discounted to encourage customers to buy in bulk
- causal research
- identification of cause-and effect-relationships between two or more variables
- close
- step in the sales process in which the salesperson asks for and gets the sale
- conjoint analysis
- survey tool in which respondents must rank, choose, or a rate a number of “conjoint,” or linked, features or benefits
- cost-led pricing
- easiest way to price a product by taking the cost of making the product and marking it up to create profit
- customer-led pricing
- pricing led by what the customer is willing to pay
- digital marketing
- online marketing
- direct mail
- connecting to consumers via email or through printed mailed pieces
- entrepreneurial marketing
- set of unconventional practices that can help start-ups and younger firms survive in competitive markets
- ethnographic research
- use of personal observation of the subject by being immersed in the subject’s environment
- executive summary
- initial section of a business plan document that summarizes the key elements of the entire plan
- expeditionary marketing
- marketing designed to move established companies and their products into new markets and territories
- focus group
- gathering of people, typically six to twelve participants, who come together to discuss a topic presented by a moderator, who usually poses questions and collects qualitative data that can be used to answer questions or define research further
- guerrilla marketing
- creative approaches to marketing that seek to gain maximum exposure through unconventional means
- introductory offers
- using lower initial prices to attract new customers and build a customer base before prices return to their standard amount
- jingle
- short song or sound that brands a product or company and helps to promote it
- loss leader pricing
- using a below-standard price to attract customers in the hope that they will purchase other, more profitable goods and services
- market analysis
- analysis of the overall interest in the product or service within the industry by its target market
- market opportunity
- unmet need within a target demographic
- market research
- collection and analysis of data related to a business’s target market
- marketing
- umbrella term given to those activities that companies use to identify consumers and convert them into buyers
- marketing mix
- basic set of possible strategies and approaches that marketers use to reach their target market
- marketing plan
- formal business document that used as blueprint for how a company will achieve its marketing and business goals
- marketing strategy
- company’s game plan for how it will reach consumers and convert them into paying customers
- odd numbers strategy
- psychological pricing strategy that uses odd numbers in the prices to make a product’s price point more attractive to consumers
- penetration pricing
- pricing below that of a competitor’s price
- people
- company’s human resources
- personal selling
- using face-to-face interactions to communicate and influence a customer to make a purchase
- physical environment
- where a service takes place or a product is manufactured
- place
- channels or locations—physical or digital—where products can be found by customers
- positioning
- (or value proposition) statement of how you want the customer to perceive your company, good, or service
- premium pricing
- charging a price above a competitor’s price
- price
- value that must be exchanged in order for a customer to receive a product or service
- primary research
- research that involves gathering new data
- process
- chain of procedures and/or activities required to provide the product to the customer
- product
- good or a service that creates value by fulfilling a customer need or desire
- profit margin
- amount by which revenue exceeds costs, typically described as a percent
- promotion
- process of communicating value to customers in a way that encourages them to buy
- public relations
- marketing that focuses on connecting with constituents by developing goodwill
- qualitative research
- use of open-ended techniques such as observation, focus groups, and interviews to gain an understanding of customers’ basic reasons, opinions, and motivations
- quantitative research
- generation of numerical data through techniques such as surveys and questionnaires
- real-time marketing
- seeks to turn immediately available sales data into actionable and timely strategies that target the shifting landscape of consumer tastes and trends
- relationship marketing
- creates customer loyalty through personal interaction and strives for long-term engagement
- sales promotion
- incentives such as coupons and discounts that help attract customers and help them take action
- sales strategy
- plan that the entrepreneur uses to identify and engage a consumer, from prospecting to securing the sale and beyond
- sample
- group of people participating in market research
- secondary research
- research that uses existing data
- segmenting
- separating the total population by homogeneous groups of people that have similar tastes, backgrounds, lifestyles, demographics, and culture
- serviceable available market (SAM)
- portion of the market that a business can serve based on its products, services, and location
- situation analysis
- examination of the internal and external circumstances relevant to a particular business
- skimming
- high-pricing strategy that leverages the newness of a product in order to “skim” the most profits off the top at the beginning of a sale
- social media
- online communication tool for entrepreneurs to connect with consumers, especially younger demographics
- tagline
- short and catchy positioning statement that quickly communicate some core aspect of the brand to the consumer
- target market
- specific group of consumers for which a company seeks to provide a good or service
- targeting
- selecting a customer group based on their ability and willingness to buy
- total available market (TAM)
- total perceived demand for a product or service within the marketplace
- validation
- act of verifying that a product can be successful with a target audience
- viral marketing
- marketing that uses engaging content in the hopes that viewers will share it on their personal and social media networks
- word-of-mouth (WOM) marketing
- promotion in which a satisfied customer tells others about their positive experience with a good or service