Marketing

Market Share

A company's percentage of the total sales volume generated by all companies that compete in a given market

Objection Analysis Sheet

A document that lists common objections and possible responses to them

Headline

A heading at the top of an article or page in a newspaper or magazine

Signature

A person's name written in a distinctive way as a form of identification in authorizing a check or document or concluding a letter

Features

A physical characteristic or quality of a product that explains what it is; intended use of product

Illustration

A picture illustrating a book, newspaper, etc.

Place

A portion of space available or designated for or being used by someone; where item will be advertised/sold

Advertising Agency

A service based business dedicated to creating, planning, and handling advertising (and sometimes other forms of promotion) for its clients

Slogan

A short and striking or memorable phrase used in advertising

ANPOCS

A six step sales process that helps customers make satisfying buying decisions through communicating how a products features will match customers' needs and wants

Logo

A symbol or other design adopted by an organization to identify its products, uniform, vehicles, etc.

Markets

All people who share similar needs and wants and who have the ability and willingness to purchase the given product

Advertising Campaign

An organized course of action to promote a product or service

AIDA

Attention, Interest, Desire, Action

Boomerang Method

Brings objection back to the customer as a selling point

Marketing Segmentation

Categorizing customers based on common characteristics

Promotion

Communicating with potential customers to inform, persuade, or remind them about a business's products

Objections

Concerns, hesitations, doubt, complaints, or other reasons a customer has for not making a purchase; can be presented as questions or statements

Psychographics

Consumers attitudes, values, and lifestyle goals (healthy eating, rock music, work ethics)

Push Policy

Convince a retailer to stock the products being promoted

Promotional Mix

Cost-effective combination of personal selling, advertising, direct marketing, sales promotion, and public relations strategies used to reach company goals

Consumer Market

Creating and selling products, goods and services to individual buyers, as opposed to trying to appeal to businesses

Behavioral Characteristics

Customer's buying behavior

Denial Method

Customer's objection is based on information

Pricing

Deciding how much to charge for goods and services in order to maximize profits

Distribution

Delivering products to buyers, making decisions about how and where products will be moved, stored, or located

Needs

Determining the customers needs through buying motives (rational, emotional, or patronage), observing (non-verbal language), and listening (eye contact, feedback, individual attention, empathetic/open mind, no interruption)

Product

Educating customer about a products features and benefits

Pull Policy

Entices consumers into the store to buy the product

Demonstration Method

Exemplifies comment or concern

Advertising

Form of non-personal promotion in which companies pay to promote ideas, goods, or services; also in a form of media outlets

Demographics

General characteristics (age, hair color, gender, weight)

Marketing Information Management

Getting information needed for making sound business decisions; research

Financing

Getting the money needed to finance the operation of a business

Public Relations

Help on organization to influence a target audience

Customer Profile

Information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior

Publicity

Involves bringing news or newsworthy info about an organization to the public's attention

4 Step Method for Handling Objections

Listen (be attentive, eye contact, don't interrupt, watch for non-verbal cues), acknowledge (understand and care about customer's concerns), restate (paraphrase customer's concerns), and answer (define tactfully the customer's needs)

Substitution Method

Method involves recommending a different product that would still satisfy the customers' needs

5 buying decisions common objections are based

Need (customer does not have immediate need), product (based on ease, quality, color, size, or style), source (negative past experiences with firm or band), price (high quality, expensive merchandise), and time (hesitation to buy immediately)

Closing the Sale

Obtaining positive agreement from a customer to buy

Product Management

Obtaining, developing, maintaining, and improving a product or a product mix in response to market oppertunities

The 4 P's

Product, price, place, and promotion

Personal Selling

Providing customers with goods and services they want to buy; direct interaction between the sales person and the customer

Question Method

Question the customer to learn more about his or her objection

Excuses

Reasons given when a customer has no intention of buying

Sales Promotion

Represents all marketing activities- other than personal selling, advertising, and public relations- that are directed at business or retail customers to boost sales

Advertising Proof

Signing off on an element before it goes live

Clip Art

Simple pictures and symbols made available for computer users to add to their documents

Superior Point Method

Technique that permits the sales person to acknowledge objections as valid, yet still offset or compensate them with other features and benefits

Third Party Method

Testimonial about product from a previous customer

Copy

Text of a print, radio, or television advertising message that aims at catching and holding the interest of the prospective buyer, and at persuading him or her to make a purchase

Marketing

The action or business of promoting and selling products or services, including market research and advertising

Benefits

The advantages or personal satisfaction a customer gets from the products feature

Price

The amount of money expected, required, or given in payment for something

Marketing Mix

The four basic strategies called the four P's; product, place, price, and promotion

Print Ad Parts

The four parts of a print ad are Headlines (must attract attention, target a specific audience, arouse interest, set the tone using action words, and offer a solution or benefit), Illustrations (visual, "a picture is worth a 1,000 words!", attract attention, control eye movement, are easier than reading, and should give the product credibility), Copy (must be honest, be believable, support the claim with facts or reasons, give the reader confidence in the product or the service, and get the reader involved), and Signatures (must name the store or product/service, and include a logo)

Target Marketing

The group of people, most likely to become customers, identified for a specific marketing program

Industrial Market

The marketing of goods and services by one business to another; Industrial goods are those an industry uses to produce an end product from one or more raw materials

Ad Layout

The page layout of a proposed design as initially presented by the designer to a client, showing the relative positions of text and illustrations before the final content of those elements has been decided upon

Approach

Three types of main approach: Greeting (welcomes customer), service (ask the customer if they need assistance), and merchandise (make a comment about the product the customer is showing interest in)

Product Promotion

To convince prospects to select company's goods or services instead of a competitor's brands

Institutional Promotion

To create a favorable image for a business, help it to advocate for change, or take a stand on trade or community issues

Direct Marketing

Type of promotion that companies use to address individuals directly and not through a third party medium (television, radio, or internet)

Geographics

Where a person lives (zip code, state)

Consumer- Uses the Product

Who purchase goods and services for personal use

Customer- Buys the Product

Who purchases goods and services