Marketing definitions, concepts, terminology and acronyms to be aware of.
4Ps of marketing
- Place/ Distribution
- Promotional mix
Plus, 3 more Ps for service marketing
- Physical Evidence
Brand – a name, term, design, symbol, or other feature that distinguishes one seller’s product from those of others.
Communications – the messages you use to communicate with your market.
Competition – Direct vs Indirect vs Substitutes
Consumers – potential customers
Content Marketing – involves the creation and sharing of online material (such as videos, blogs, and social media posts) that does not explicitly promote a brand but is intended to stimulate interest in its products or services.
Customers – those who’ve actually purchased from you.
Engagement – a marketing strategy that directly engages consumers and invites and encourages them to participate in the evolution of a brand.
- Awareness – a measure of how well known a brand, firm, or product is.
- Repeat customer (Customer Satisfaction)
- Loyal customer (Advocate)
Evaluation – The final stage in the marketing plan is to measure the outcomes of the marketing activities against the original objectives and targets.
Frequency – the number of times you touch each person with your message.
Integrated Marketing Communications – bringing together messages, channels and timing – this helps with improved relevance and increased word of mouth.
Market – the sum total of all the buyers and sellers in the area or region under consideration.
Market Leader – a company that has the largest market share in an industry, and which can use its dominance to affect the competitive landscape and direction the market takes.
Market Share – the portion of a market controlled by a particular company or product.
Market Research – the action or activity of gathering information about consumers’ needs and preferences. A sample in a market research study is drawn from a population (sometimes called a universe).
- The strategic process aligning business objectives and beliefs, with customers’ needs & wants
- Creating, communicating and delivering value to a target segment, at a profit.
- Defensive – refer to the actions of a market leader to protect its market share, profitability, product positioning, and mind share against an emerging competitor.
- Offensive – seeks to attack the market by targeting the weaknesses of the competition and emphasising the company’s strengths in comparison.
Marketing warfare strategies – drawing parallels between business and warfare, and then applies the principles of military strategy to business situations, with competing firms considered as analogous to sides in a military conflict, and market share considered as analogous to territory in dispute
Media (local, city, regional, national, pan-regional)
- Direct Mail
- Out of Home
Objectives – aimed at or sought – a goal.
Perception – refers to the process by which a customer selects, organises, and interprets information/stimuli inputs to create a meaningful picture of the brand or the product
Positioning – A marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer
Prosumers – someone who consumes and produces media. A consumer who becomes involved with designing or customising products for their own needs
Push Marketing – a promotional strategy in which a business attempts to get their message in front of their potential customers without them having a desire or interest to buy the product or learn more about it.
Pull Marketing – an approach designed to draw customers to a brand through search engine optimization (SEO) and other non-intrusive methods. The ultimate goal is to strengthen consumer awareness of and engagement with a brand to foster demand.
Reach – the number of people you touch with your marketing message or the number of people that are exposed to your message
Sales – One to one relationship
Search Engine Marketing (SEM) – a form of Internet marketing that involves the promotion of websites by increasing their visibility in search engine results pages (SERPs) primarily through paid advertising.
Search Engine Optimisation (SEO) is a methodology of strategies, techniques and tactics used to increase the amount of visitors to a website by obtaining a high-ranking placement in the search results page of a search engine — including Google, Bing, Yahoo and other search engines.
Stakeholders – a person or a business with an interest or concern in your business.
Target Audience – a particular group at which an advertisement is aimed.
Window of Opportunity – a favourable opportunity for doing something that must be seized immediately.