By Tino Buntic Marketing is the advertising, selling, and branding of products or services. All businesses perform some level of marketing. There are thousands of marketing books, but how do you sift through them all? Perhaps you can start with Marketing For Dummies? Whichever way you or your business perform your marketing functions, it is always useful to be aware of the latest marketing terms and definitions. Here is one big list of marketing terms and definitions that can be useful for marketing professionals and dummies alike:
Audience Attention Probability: Different consumers will pay more attention to advertising in different types of media. Audience attention probability is the degree to which a target consumer is probable to pay attention to an ad in various forms of media.
Below-the-Line Advertising: Advertising which doesnt use any of the traditional advertising media television, radio, cinema, press, outdoors. Below-the-lone advertising can include such things as internet advertising, sponsorships, and direct mail.
Brand Leveraging: Using an already successful brand name on different products not already associated with that brand.
Consumer-Generated Advertising: Regular people create ads for businesses. Helped in part by the rise in social media, people are creating their own ads and some have even run as commercials during the Super Bowl.
eMarketing: Marketing via the internet, using such tactics as search engine marketing, banner advertising, affiliate marketing, and email marketing.
Experiential Marketing: The marketing message engages the consumer by interacting with her and engaging her senses to appeal to both emotional and rational buying triggers.
Follow-The-leader Marketing: A marketing strategy where a smaller firm follows, or does what, a market leader does. This saves the smaller firm on costs associated with doing its own market research.
Four Ps: Marketing is traditionally segmented into four different areas, each starting with the letter p Product, price, placement, and promotion.
Guerrilla Marketing: Made popular by marketing guru, Jay Conrad Levinson, Guerrilla Marketing is the use of unconventional and low-cost means of performing marketing for your business.
Pareto Principle: Also referred to as the 80/20 rule 80% of your sales volume comes from 20% of your customer accounts.
Prestige Pricing: The practice of setting a higher than normal price for a product because some consumers will associate a higher price with higher quality.
Product Placement: Often referred to as product integration or brand integration it is a form of advertising where products are paid to be inserted seamlessly into the media like movies, television shows, books, and radio. A recent example of product placement can be seen in most episodes of The Apprentice with Donald Trump.
Sales Leads Generation: The practice of prospecting for targeted customers that would be interested in purchasing your products or services.
Sales Prospecting: targeting of "prospects" and the initial communications with them in the hopes that these communications will eventually lead to a closed sale and a new client or customer.
Selective Selling: A strategic marketing tactic where you limit the channels that sell your products or services, making them more exclusive.
Self Promotion: Solo business professionals often engage in self promotion and self promotion is the promoting, advertising, marketing, and branding of yourself.
Viral Marketing: A marketing message that grows exponentially as people keep passing it on to friends and business associates.
Word-Of-Mouth Marketing: A buzz marketing technique where marketers attempt to get consumers to do their advertising for them by making their products something that consumers will want to freely talk about.
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