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unit 1 vocab
vocab words for unit 1 of marketing
| Question | Answer |
|---|---|
| marketing | The activity set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
| Advertising | The placement of announcements and persuasive messages purchased in any form of mass media by businesses who seek to inform and/or persuade members of a target market about their products, services, organizations, or ideas. |
| branding | A customer experience represented by a collection of images and ideas; often, it refers to a symbol such as a name, logo, slogan, and design scheme |
| marketing research | A sequence of steps including research design, determination of data collection method and design of data collection forms, design of the sample and collection of the data, analysis and interpretation of the data, and the research report. |
| sales | Any of a number of activities designed to promote customer purchases of a product or service. |
| customer service | The increase the value customers receive when they shop and purchase merchandise. |
| soft skills | Personality traits, social graces, communication, language, personal habits, interpersonal skills, managing people, leadership, etc. that characterize relationships with other people. |
| problem solving skills | The process of working through details of a problem to reach a solution. This may include mathematical or systematic operations and can be a measure of an individual's critical thinking skills |
| punctable | When a person does something at the agreed or proper time; on time |
| flexible | When a person is ready and able to change so as to adapt to different circumstances. |
| awareness | The proportion of people who are familiar with a product, brand name or trademark. |
| Marketing research | The planning, collection, and analysis of data relevant to marketing decision making, and the communication of the results of this analysis to management. |
| census | A sample consisting of the entire population |
| closed ended question | Questions that ask the respondent to choose from a limited number of pre-listed answers |
| data processing | Organization of data for the purpose of producing desired information; involves recording, classifying, sorting, summarizing, calculating, disseminating and storing data |
| focus group | A qualitative market research technique in which a group of participants (approx. 10) of common demographics, attitudes, or purchase patterns are led through a discussion of a particular topic by a trained moderator. |
| market segmentation | The process of dividing a total market into sub-groups of consumers who exhibit differing sensitivities to one or more marketing mix variables. |
| open ended question | A question that has no prelisted answers, which requires the respondent to answer is his or her own words |
| primary research | Conducting research to collect new data to solve a marketing information need |
| secondary research | Analyzing information from previously conducted research projects. |
| amenities | Features providing comfort, convenience, or pleasure |
| branding | An organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors |
| destination mix | The major elements or components that constitute a tourist destination, usually including facilities, attractions, infrastructure, transportation and hospitality services |
| NIche marketing | Identifies small but profitable market segments and designs or finds products for them |
| positioning | A marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer |
| unique selling proposition | The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition. |
| geographics segmenting | A product based on location; Surf Boards at the beach and Snow Skis in Colorado Rocky Mountains |
| advertising campaign | A coordinated series of advertisements and promotions used in the same time frame to meet certain objectives |
| business plan | A formal statement of business goals, an explanation of how the goals can be achieved, and the details steps for reaching the goals |
| price point | The position a company its product/service on a scale of lower- to higher priced offerings |
| customers | The actual or prospective purchaser of products or services |
| consumers | The ultimate user or consumer of goods, ideas, and services |
| sports marketing | A specific, defined series of activities used in marketing a new or changed product or service, or in using new marketing channels and methods |
| marketing campaign | A specific, defined series of activities used in marketing a new or changed product or service, or in using new marketing channels and methods |
| emotional appeal | This attempts to make the consumer "feel" a certain way towards the product |
| medium | The channel used to transmit the message |
| licensing | A sports marketer contracts with other companies to use a brand trademark for a royalty fee |
| sponsorship | The right to associate name or product with event, team, league, or individual participant. Objective: Short-term = sales. Long-term = brand awareness, etc. Ie: NASCAR |
| sports event pyramid | KNOW EXAMPLES…Global Events (Olympics), International Events (EU Soccer), National Events (SuperBowl), Regional Events (Boston Marathon), Local Events (PGH Great Race |
| athletic platform | Specific Athletes, Teams, Sports/Leagues, Specific Event |
| elevator pitch | Very concise presentation of an idea covering all of its critical aspects, and delivered within a few seconds (the approximate duration of an elevator ride) |
| simple pitch | Clear and to the point. No extra words are included. |
| unexpected pitch | Do something no one would imagine |
| concrete pitch | Make the value of the product or service REAL. Show the REAL results |
| credible pitch | Build value by having a good reputation |
| emotional pitch | Give the audience goosebumps by tell a sad/heartfelt account |
| story pitch | Build value by telling a story |
| swag pitch | Have confidence and charisma |
| call to action | Words that urge the reader, listener, or viewer of a sales promotion message to take an immediate action, such as "Write Now," "Call Now," or (on Internet) "Click Here" |
| problem solution approach | Selling approach in which the salesperson attempts to identify the customer's problems and come up with one or more alternatives that solve the problem by using the product he or she is selling |
Created by:
Ibrahim20