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What is Marketing
SMM
| Term | Definition |
|---|---|
| Advertising | A form of promotion that involves different types of paid media to call attention to products, services or ideas |
| Digital Marketing | A comprehensive strategy that leverages online channels, platforms, tools, and methods, to reach and connect with target audiences to promote products, services, and/or content |
| Durable Goods | Items that don’t wear out quickly; they last a long time (i.e. three years is a rule of thumb) |
| Marketing Mix | The combination of components used together in order to strengthen a product’s brand and to help sell the product or service |
| Non-Durable Goods | Items that are quickly consumed; they only last a short period of time. |
| Personal Selling | The process of persuading others through a direct, in-person (live or remote) presentation on the merits of a product, service or idea, so that they might purchase it or buy-in |
| Place | Where a company's target customers can buy its product, and how the company gets the product to that/those place/s |
| Price | The amount of money a business thinks it should charge for its product or service |
| Product | The physical item/good or service a company sells |
| Promotion | Informing potential customers that a product or service exists, and the results they should expect from using it |
| Promotional Mix | The use of the various types of promotion, which are advertising, personal selling, sales promotions, public relations, and direct marketing |
| Public Relations | A strategic form of communication that helps build a relationship between a person or organization and the public |
| Sales Promotion | Limited time offers and/or discounts designed specifically to increase sales during the time the sales promotion is offered, with the additional goal of attracting new customers and sales, even after the sales promotion has ended |
| Competition | The rivalry between companies selling similar products and services |
| Creation | To transform ideas into tangible products and services, or to improve existing ones |
| Customer Service | The individualized attention provided and available to customers throughout their lifespan as customers |
| Ideation | To conceive and formulate new ideas and strategies |
| Marketing | The process of ideation, creation, promotion, and delivery of profitable products and services, to targeted customers, for their benefit and for the benefit of society as a whole |
| Marketing Concept | A company’s intention to analyze and identify consumer’s needs and wants, and build products, solutions, and strategies to satisfy those needs and wants better than the current alternatives, while also achieving organization goals |
| Marketing-Information Management | Researching a business’s target market and customers, its competing products or services, and relevant trends within the industry |
| Marketing Mix | A combination of components used together in order to strengthen a product’s brand and to help sell the product or service |
| Market Planning | Creating strategies and establishing goals, objectives, processes and procedures in order to reach and attract the target customer to a business |
| Marketing Plan | A specific written document that outlines objectives, actions, and timelines of how to attract target market customers to the business |
| Marketing Strategy | A company’s game plan for reaching its target market, converting it to customers, and meeting company goals |
| Promotion | Informing potential customers that a product or service exists, and the results they should expect from using it |
| Private Enterprise System | A system where businesses are privately owned and run by people rather than the government |
| Selling | Directly communicating with customers, listening to their needs and wants, giving them the information they need to make an informed buying decision, and persuading them on the merits of the product or service a business provides |
| Tactic | A specific procedure or action used to support strategy, in order to achieve goals and objectives |
| Target Market | A specific group of customers that is most likely to buy a certain product or service, and where marketing efforts are aimed or “targeted” in order to reach and connect with this group |
| Customer | A person or business that buys products or services |
Created by:
bwilber