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marketing_glossary

marketing_glossary

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Published by Manoj Patel

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Published by: Manoj Patel on Dec 05, 2009
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tutor2u\u2122 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 the
tutor2u website (http://www.tutor2u.net)
tutor2u\u2122
ht t p:/ / www.t ut or2u.net
Market ing At oZ Gl ossary
Page 2 of 2
Term
Description
Above the line

\u201c Above t he Line\u201d is t he t erm commonly used for advert ising for which a
payment is made and for which commission is paid t o t he advert ising
agency. Met hods of above t he line advert ising include t elevision and

radio, magazines, newspapers and Internet.
ACORN
ACORN stands for \u201c A Classification Of Residential Neighbourhoods\u201d .
ACORN is a dat abase which divides up t he ent ire UK populat ion in t erms
of t he t ype of housing in which t hey live. This can be used for various
purposes in market ing planning and in designing promot ional campaigns
Ad hoc market
research
Ad-hoc research focuses on specific market ing problems. It involves t he
collect ion of dat a at one point in t ime from one sample of respondent s
Added value

Added value refers t o t he increase in wort h of a product or service as a result of a part icular act ivit y. In t he cont ext of market ing, t he added value is provided by feat ures and benefit s over and above t hose

represent ing t he \u201c core product \u201d .
Advertising
Advert ising is any paid form of non-personal present at ion and promot ion
of ideas, goods and services t hrough mass media such as newspapers,
magazines, t elevision or radio by an ident ified sponsor.
Advert ising budget
The t ot al amount of money t hat a market er allocat es for advert ising
over a period of t ime
After-sales service
The services received aft er t he original goods or services have been paid
for. Oft en t his service is provided as part of a warrant y or guarant ee
scheme.
Agent
Part of t he dist ribut ion channel. An agent is effect ively a wholesaler
who represent s buyers and sellers on a relat ively permanent basis,
performs only a few funct ions and does not t ake t it le t o goods
Ambush marketing

A deliberat e at t empt by a business or brand t o associat e it self wit h an
event (oft en a sport ing event ) in order t o gain some of t he benefit s
associat ed wit h being an official sponsor wit hout incurring t he cost s of
sponsorship. For example by advert ising during t elevision coverage of
t he event .

Ansoff matrix
A model used in st rat egic market ing planning. The Ansoff

Product / Market mat rix model links market ing st rat egy wit h t he general st rat egic direct ion of a business. It maps four pot ent ial product -market strategies - e.g. market penetration, product development, market

development and diversificat ion - on a mat rix showing new versus
exist ing product s along one axis and new versus exist ing market s along
t he ot her.
Augmented brand
The additional customer services and benefits (\u201c added value\u201d ) that are
built around t he core product or service offering
Available market
The t ot al group of cust omers who have an int erest in a int erest in a
product or service, have access t o it , and have t he abilit y t o buy it
Awareness
Advert ising or ot her promot ional activit y (e.g. public relat ions) whose
primary purpose is t o increases general knowledge of t he company, and
t o make people feel more posit ive t owards it
Behavioural
segment at ion
Behavioural segment at ion divides cust omers int o groups based on t he
way t hey respond t o, use or know of a product .
tutor2u\u2122
ht t p:/ / www.t ut or2u.net
Market ing At oZ Gl ossary
Page 3 of 3
Below the line
\u201c Below t he line\u201d is a t erm commonly used t o refer t o non-media
advert ising or promot ion when no commission has been paid t o t he
advertising agency. This includes direct mail, point of sale displays, and
other sales promotions.
Benchmarking
The process of comparing t he product s and services of a business
against t hose of compet it ors in a market , or leading businesses in ot her
market s, in order t o find ways of improving qualit y and performance
Benefit
segment at ion

Benefit segment at ion relat es t o t he process of dividing a market based on t he specific benefit s consumers seek from a product . For example, some car buyers want safet y and securit y from t heir car, while ot hers

look for comfort or speed. A car manufact urer, t herefore, has t o decide
which benefit s t o offer \u2013 and how t hese benefit s should be
communicat ed t o t he cust omer
Boston Group
Matrix

A means of analysing and cat egorizing t he performance of business unit s in large diversified firms by reference t o market share and growt h rat es. It was developed by t he Bost on Consult ancy Group (BCG)

Br and

A brand is t he specific t ype of t he product form. A brand \u2013 represent ed by a brand name, symbol, design, logo, packaging \u2013 is t he ident it y of a part icular product f orm t hat cust omers recognise as being dif f erent

from ot hers.
Brand building
Developing a brand's image and st anding wit h a view t o creat ing long
t erm benefit s for brand awareness and brand value
Brand equity

Brand equit y refers t o t he value of a brand. Brand equit y is based on
t he ext ent t o which t he brand has high brand loyalt y, name awareness,
perceived qualit y and st rong product associat ions. Brand equit y also
includes ot her \u201c int angible\u201d asset s such as pat ent s, t rademarks and

channel relationships.
Brand extension

Brand ext ension refers t o t he use of a successful brand name t o launch a new or modified product in a new market . Virgin is perhaps t he best example of how brand ext ension can be applied int o quit e diverse and distinct markets.

Brand image
Brand image refers t o t he set of beliefs t hat cust omers hold about a
part icular brand. These are import ant t o develop well since a negat ive
brand image can be very difficult t o shake off.
Brand loyalty
A st rongly mot ivat ed and long st anding decision t o purchase a part icular
product or service
Brand recognition
A cust omer's awareness t hat a brand exist s and is an alt ernat ive t o
purchase
Breakeven
Breakeven is achieved when t ot al cont ribut ion is equal t o t ot al fixed
costs. Addition contribution earned after this point becomes profit
Break-even pricing
Set t ing a price t o achieve break-even on t he cost s of making and
market ing a product (direct cost s). Breakeven is achieved when t he
t ot al cont ribut ion from sales priced in t his way at least equal t he fixed
cost s of t he business
Build share
A st rat egy based on t he Bost on Mat rix. Here t he company can invest t o
increase market share (for example t urning a "quest ion mark" int o a
st ar )
Business portfolio
The business port f olio is t he collect ion of businesses and product s t hat
make up t he business.

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