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MKTNG Glossary

MKTNG Glossary

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Published by: Arnold on Oct 22, 2009
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09/20/2010

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tutor2u™ is the leading UK educational resource for Business, Economics, ICT and Politics. You can access a comprehensive range of free and subscription-based resources at thetutor2u website (http://www.tutor2u.net )
 
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http://www.tutor2u.netMarketing AtoZ Glossary Page 2 of 2
 
Term DescriptionAbove the line
“Above the Line” is the term commonly used for advertising for which apayment is made and for which commission is paid to the advertisingagency. Methods of above the line advertising include television andradio, magazines, newspapers and Internet.
ACORN
ACORN stands for “A Classification Of Residential Neighbourhoods”.ACORN is a database which divides up the entire UK population in termsof the type of housing in which they live. This can be used for variouspurposes in marketing planning and in designing promotional campaigns
Ad hoc marketresearch
Ad-hoc research focuses on specific marketing problems. It involves thecollection of data at one point in time from one sample of respondents
Added value
Added value refers to the increase in worth of a product or service as aresult of a particular activity. In the context of marketing, the addedvalue is provided by features and benefits over and above thoserepresenting the “core product”.
Advertising
Advertising is any paid form of non-personal presentation and promotionof ideas, goods and services through mass media such as newspapers,magazines, television or radio by an identified sponsor.
Advertising budget
The total amount of money that a marketer allocates for advertisingover a period of time
After-sales service
The services received after the original goods or services have been paidfor. Often this service is provided as part of a warranty or guaranteescheme.
Agent
Part of the distribution channel. An agent is effectively a wholesalerwho represents buyers and sellers on a relatively permanent basis,performs only a few functions and does not take title to goods
Ambush marketing
A deliberate attempt by a business or brand to associate itself with anevent (often a sporting event) in order to gain some of the benefitsassociated with being an official sponsor without incurring the costs of sponsorship. For example by advertising during television coverage of the event.
Ansoff matrix
A model used in strategic marketing planning. The Ansoff Product/Market matrix model links marketing strategy with the generalstrategic direction of a business. It maps four potential product-marketstrategies - e.g. market penetration, product development, marketdevelopment and diversification - on a matrix showing new versusexisting products along one axis and new versus existing markets alongthe other.
Augmented brand
The additional customer services and benefits (“added value”) that arebuilt around the core product or service offering
Available market
The total group of customers who have an interest in a interest in aproduct or service, have access to it, and have the ability to buy it
Awareness
Advertising or other promotional activity (e.g. public relations) whoseprimary purpose is to increases general knowledge of the company, andto make people feel more positive towards it
Behaviouralsegmentation
Behavioural segmentation divides customers into groups based on theway they respond to, use or know of a product.
 
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http://www.tutor2u.netMarketing AtoZ Glossary Page 3 of 3
Below the line
“Below the line” is a term commonly used to refer to non-mediaadvertising or promotion when no commission has been paid to theadvertising agency. This includes direct mail, point of sale displays, andother sales promotions.
Benchmarking
The process of comparing the products and services of a businessagainst those of competitors in a market, or leading businesses in othermarkets, in order to find ways of improving quality and performance
Benefitsegmentation
Benefit segmentation relates to the process of dividing a market basedon the specific benefits consumers seek from a product. For example,some car buyers want safety and security from their car, while otherslook for comfort or speed. A car manufacturer, therefore, has to decidewhich benefits to offer – and how these benefits should becommunicated to the customer
Boston GroupMatrix
A means of analysing and categorizing the performance of business unitsin large diversified firms by reference to market share and growth rates.It was developed by the Boston Consultancy Group (BCG)
Brand
A brand is the specific type of the product form. A brand – representedby a brand name, symbol, design, logo, packaging – is the identity of aparticular product form that customers recognise as being differentfrom others.
Brand building
Developing a brand's image and standing with a view to creating longterm benefits for brand awareness and brand value
Brand equity
Brand equity refers to the value of a brand. Brand equity is based onthe extent to which the brand has high brand loyalty, name awareness,perceived quality and strong product associations. Brand equity alsoincludes other “intangible” assets such as patents, trademarks andchannel relationships.
Brand extension
Brand extension refers to the use of a successful brand name to launcha new or modified product in a new market. Virgin is perhaps the bestexample of how brand extension can be applied into quite diverse anddistinct markets.
Brand image
Brand image refers to the set of beliefs that customers hold about aparticular brand. These are important to develop well since a negativebrand image can be very difficult to shake off.
Brand loyalty
A strongly motivated and long standing decision to purchase a particularproduct or service
Brand recognition
A customer's awareness that a brand exists and is an alternative topurchase
Breakeven
Breakeven is achieved when total contribution is equal to total fixedcosts. Addition contribution earned after this point becomes profit
Break-even pricing
Setting a price to achieve break-even on the costs of making andmarketing a product (direct costs). Breakeven is achieved when thetotal contribution from sales priced in this way at least equal the fixedcosts of the business
Build share
A strategy based on the Boston Matrix. Here the company can invest toincrease market share (for example turning a "question mark" into astar)
Business portfolio
The business portfolio is the collection of businesses and products thatmake up the business.

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