MQM 223 Chapter 10

Word of mouth

A means of spreading information about your business through the comments friends and customers make to other potential customers

Brand Ambassadors

A person who represents your brand, company, product, or service to others to increase brand awareness, sales, and positive attitudes among the public. They can be paid or volunteer. They often receive your products and services to use and show off to the public. Also called a spokesperson

Diversification

A strategy whose goal is growth based on adding new products or services to the firm's existing collection of offerings

Product Expansion

A strategy whose goal is growth, based on selling existing customers a product or service they have never bought before

Market Expansion

A strategy whose goal is growth, based on selling in areas or to groups previously not served by the business

Marketing Penetration

A strategy whose goal is growth, based on selling more of the firm's product or service to the existing customer base

Customer Vector Report

A type of CRM report that segments by customer (or customer group) on purchases or dates of purchase.

Co-marketing

A type of media partnership where two products jointly pay to advertise together. Usually this is when customers use the two products together, like chips and salsa.

Sales Leads

People who receive a promotional impression and who give some though to buying the product

Prospects

sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase

Succint message

The key point in as few and as memorable words as possible

Brand

The name a firm puts on itself and its products to differentiate them from competitors offerings

business profile kit

The name for the media kit you create for your own business (to distinguish it in your mind from the media kits of other organizations).

public relations

The practice of deliberately managing the release and spread of information between an individual or an organization and the public.

Person selling

The process of selling your products and services; includes prospect and evaluate, prepare, present, close, and follow up

Customer Relationship Management (CRM)

The process of tracking the customer's different contacts with the firm, and using these data to help improve sales as well as the customer's experience

lead generation

The promotional technique of obtaining prospective customers through paid and unpaid efforts to obtain contact information from people with the plan to send these prospects advertisements or other messages in hopes of getting them to become customers.

Hit rate

-How many prospects or leads you need to approach in order to make one sale.

Trade association

(also known as professional association). A group of people in the same industry who band together to gather and share information and present and represent the industry to the public and government

press release

A written announcement intended to draw news media attention to a specific event

Cognitive Dissonance

Doubt that occurs after a purchase has been made. An inconsistency between experience and belief

Shared Media

Generally called word-of-mouth or referral advertising, these are promotional mentions of your brand, firm, product, services, or user experiences with them made by customers and others and posted or shared through their social media sites

paid media

Generally referred to as bought or paid advertising, paid media are promotions where your firm pays another for the placement and distribution of the material.

Promotional Mix

How much of each message conveyance you will use to sell your product as well as your objective in using each one

consideration

Is the process of getting into the prospective customer's final list of brands of products or services they are considering for purchase, and doing what you can to help tip their decision in your favor, through customer contact, providing information, experience with the product (e.g., samples, test-drives, etc.), or pricing information, including discounts and coupons if you use these in your business.

awarness

Is the process of getting your message out as much as you can to your target market, or if you are unsure about your target market, to the people in your intended service area. Your goal is to get a subset of the people who see your message to take the next step and express interest.

interest

Is the process of prospective customers taking some action to learn more about the product, service, or your company. This can be through looking at your website, catalog, or store. It could be from checking for more information from third-party sources such as friends, family, review websites, magazines, or the like. The goal is for potential customers to get the information that leads them to include your product, service, or firm as one of the prospective purchases they are thinking about.

Key performance indicators (KPIs)

Measures or metrics that identify the outcomes that are most important to the success of a business. While outcomes like sales or products produced are KPIs, events leading up to these are also usually considered key, like customers coming to your store or website for sales, or number of products started.

Native Advertising

Native advertising are forms of ads inserted into the regular flow of noncommercial web pages so that it appears to be "native" to the page. The FTC regulates that native advertising carry an identifier (such as "Sponsored" in front of the item) to show it is an ad and not a statement by the page's content creator

up-selling

Selling additional accessories or higher-quality versions of the product at a higher cost

Virtuous cycle

Situations where one good turn invites a another one from someone else are called virtuous cycles

Sponsored Content

Sponsored content is material you develop or have developed to present to customers information about your company, brand, products, or services. Links to this material are placed on other people or brand websites or social media feeds, in hopes potential customers will click on the links and learn more about your offering

OOH

Stands for "out of home" and refers to advertising people will encounter when away from home. This includes posters, digital and print ads in transit shelters, at airports and venues with major foot traffic, and digital and conventional billboards and signage.

Owned Media

These are promotional materials directly and wholly owned by your company, like your name, your websites, your signage, and the like

Purchase

This is the end of the initial promotional funnel, where a person buys your product or service and becomes a customer of your firm.

Cross-selling

To sell related products

Advtorial

Typically a paid advertisement from a company written in the form of an editorial, making the company's point about an issue, and published in the mass media.

co-branding

When two companies or brands combine to create a new product or service that combines both brands, such as Nike's LeBron sneakers

free ink

mentions of your company or products in the media for which your firm did not pay

unbundle

to break apart a product or service into components

Influencer

A customer role describing a person or group who can make credible or recognized suggestions or recommendations to others regarding purchase choices donations Monetary or other gifts to organizations or people who are in need

Media Content Strategy Plan

A document, for the managers and employees of the firm to see, that details the specifics of the firm's marketing efforts including the goals, target audiences, distribution channels, keywords, content types, calendar, publishing procedures, action items, KPIs, and analytics across all the different types of marketing efforts the firm will attempt.

Searc engine optimization(SEO)

A general approach to website design intended to result in the site being displayed toward the beginning of a search engine's (e.g., Google, Yahoo!, etc.) listing for that term

Community Service

Activities undertaken to help support, repair or improve the community, its institutions, infrastructures, or people. Examples include clean-up days, disaster relief, or helping-your-neighbor efforts, among others

social media management platform

An online service that captures and displays the feeds from your social media platforms and makes it easy to post across multiple platforms, schedule posts on different platforms, and help you see social media statistics. Free and freemium examples include Hootsuite, Buffer, Tweetdeck, SocialOomph, and Followerwonk.

Viral Marketing

Any electronic equivalent of word-of-mouth advertising, in which the advertiser's message spreads quickly and widely via email, website, blogs, and other online tools

Business directory sites

Online services that provide the equivalent of the old telephone directory, listing businesses, their websites, phone numbers, and other information for prospective customers.

User Review sites

Online sites where customers and users of products and services can post their opinions, rating, and experiences for others to see. Smart companies track these sites and respond to customers' reviews on these sites.

Affiliate marketing

Partnerships between firms where a firm (often a content creator) mentions the product or service of another firm. That mention includes a link to purchase the product or service, and each time the link is clicked and produces the agreed-upon outcome (seeing the website, having a cookie placed, leaving their email, requesting information, buying the product) the content creator gets paid by the other firm

Sponorships

Paying for a local organization's needs in exchange for recognition

Organic traffic

People who come to your website based on their own actions (e.g., typing in your URL, clicking on a link mentioning your site on a web page, or clicking on a search engine finding based on where your site naturally—or "organically"—appears in the search results) where you have not paid for the link. It is also called unpaid search

Customer retention(CR)

Techniques that focus on efforts to promote satisfaction with and interest in the firm

Keywords and description tags

Terms included in the hidden portion of a web page (called the document head) that are used by search engines such as Yahoo! and Google to describe your website and evaluate its focus and category placement

Brand Promise

The gains provided (i.e., the benefits) or the help given (i.e., the pains removed) by the product or service your firm offers.

Newsworthy events

To garner serious attention from the media and the public, a news story needs to deliver certain essentials that will hold their attention and keep your news in their thoughts. It should have public recognition, importance, and interest.

cross-selling

To sell related products

impression

what is called when someone notices a promotional effort