50 Marketing And Sales Terms Every MBA

Aspirant Should Know!

cat / By CetKing
50 Marketing And Sales Terms Every MBA Aspirant Should Know!
Have you ever been in a business meeting or on a sales call, and the potential
customer or business associate says a marketing or sales team in the middle of their
fast sentence and you find yourself pondering what the heck they are talking about?
Well, here is a jump start with 50 Marketing and Sales Terms Every MBA Aspirant
Should Know!
Advertising – Gaining recognition to a product, service or business through paid
broadcasting, print or digital.
Aided recall – Respondents are asked if they remember a commercial for the brand
being tested.
Alternative hypothesis – A competing hypothesis to the null.
Attitude – A learned predisposition to respond in a consistently favourable or
unfavourable manner with respect to a given object.
Barter (A.K.A. ‘Cow Trading’) – Exchanging products or services for the benefit of not
having to use cash assets. (Not something we recommend doing unless under contract.)
Brand – Anything that gives recognition to a specific product, service or business while
separating it from other establishments.
Business to Business (B2B) – The means of a firm selling to another organization
rather than selling to an individual consumer.
Business to Consumer (B2C) – The means of a firm selling to an individual consumer
rather than another organization.
Buyer Persona – A semi-fictional representation of your ideal customer based on
market research and real data about your existing customers.
Comparative Advertising – The type of advertising in which a company makes a direct
comparison to another brand, firm or organization.
Corporate Identity – All symbols, colours, logos, etc., that make up the public image of
an organization.
Cost-Based Pricing – A strategic form of pricing purposed to cover the expenses of
running your business.
Customer Loyalty – When a consumer is a repeat buyer of a product, service or brand.
Demographics – A specific profiling aspect that takes into consideration age, gender,
income, family life, social class, etc. Often used in segmentation or for focal points in
marketing and advertising strategies.
Digital Marketing (Online Marketing) – Marketing to a target audience solely via the
internet. Could be email marketing, content marketing, etc.
Direct Competition – Competitors that provide the exact same services as your
establishment of firm.
Direct Mail – A means of advertising communication that reaches a consumer, where
they live or their place of business, through the mail. Often based on demographics
and/or geographical location.
Direct Marketing – Dealing directly with the ‘end user’ rather than a third party or a
middle man. Also can be seen as directly communicating with your primary target
audience. Can come in the form of advertising, marketing or communications.
E-Commerce – The means of selling products digitally on the internet.
Franchise – The act of buying a license to sell a product or service from the original
owner to the consumer.
Geographic Segmentation – Segmenting a group of audiences based on where they
live or where they are located.
Inbound Marketing – Advertising your company via content marketing, podcasts, video,
eBooks, email broadcast, SEO, Social Marketing, etc., rather than paid advertising.
Internal Marketing – Efforts to market a marketing plan to individuals and executives
with-in your own firm to gain their approval and/or support.
Lead – An individual or a company that has shown interest in one of your products or
services. Could be either a MQL (Marketing Qualified Lead) or an SQL (Sales Qualified
Lead).
Lifetime Customer Value – A prediction of the net profit attributed to the entire future
relationship with a customer.
Margin – The profit gained from a product or service after all expenses for selling that
product or service are covered.
Marketing Qualified Lead – A lead that is ready to be handed over to the sales team.
An MQL has had some sort of positive interaction with the company such as a
discussion, downloading a marketing products, etc., that deems them worth to move to
the next level of the sales funnel.
Market-Based Pricing – Similar to competitive based pricing in the sense that this type
of pricing is based off of the streamlined/current pricing for a specific product or service
within the same industry.
Market Develop – The act of taking an existing product or service to a new market.
Market Penetration – A strategy used to sell more of an existing product with in the
current markets it is sold.
Market Research – High Intelligence research and development of a specific industry
for the betterment of sound business decisions.
Marketing – The process of identifying, anticipating and satisfying customer
requirements, in a profitable way.
New Product Development – The development of a new product that involves
research, development, product testing and launching.
Niche Market/Business – A very specific segment of a market in which you are trying to
meet the needs of that market.
Personal Development Plan – Developed for individuals who are looking to evaluate
their S.W.O.T. analysis to plan their future achievement and success.
Portfolio – A series of case studies that provide proof of value to potential customers.
Public Relations – A series of media releases, conferences, social image, etc., that
make up and maintain the reputation of an organization and its brands.
Research and Development – The process of discovering and developing new
products and services.
Referral – A prospect or lead generated from someone who may be interested in what
the salesperson is selling.
Relationship Marketing – Establishing relationships with intentions of developing long
term association with a prospect or potential customer. Much less expensive that gaining
new customers.
Sales Funnel – The entire sales process as a whole from prospect to paying customer,
and all marketing, advertising and sales processes in between.
SWOT Analysis – An internal study often used by organizations to identify their
strengths, weaknesses, opportunities and threats.
Search Engine Optimization (SEO) – The practice of enhancing where a webpage
appears in search results. By adjusting a webpage’s on-page SEO elements and
influencing off-page SEO factors, an inbound marketer can improve where a webpage
appears in search engine results.
There are a ton of components to improving the SEO of your site pages. Search engines
look for elements including title tags, keywords, image tags, internal link structure, and
inbound links — and that’s just to name a few. Search engines also look at site structure
and design, visitor behavior, and other external, off-site factors to determine how highly
ranked your site should be in the search engine results pages.

Target Marketing – A group of customers that a business has decided to aim its
marketing efforts and merchandise towards.
Unique Selling Proposition – A factor that differentiates a product from its competitors,
such as the low cost, the quality, etc.
User Experience (UX) – The overall experience a customer has with a particular
business, from their discovery and awareness of the brand all the way through their
interaction, purchase, use, and even advocacy of that brand. To deliver an excellent
customer experience, you have to think like a customer, or better, think about being the
customer.
Upfront Advertising Purchase – The name given to television advertising purchasing,
where television networks make certain ad space available many months before a
television program will be broadcast. This differs from scatter advertising purchasing,
where ad space is withheld until a time that is closer to when a show will air.
Viral Marketing – A method of product promotion that relies on getting customers to
market an idea, product or service on their own.