MGMT 470 Exam 1

customer vector

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

Bot

a web-based program that uses artificial intelligence techniques to automate tasks such as searches

press release

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

Search Engine Optimization

techniques applied to web pages in order to obtain favorable placement on Internet search page results

customer retention

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

Issue recognition

A concept in public recognition which alludes to the extent to which the public is familiar with the issue or problem at hand.

public recognition

Being recognized or acknowledged by large numbers of people, similar to "fame."

Keyword and description tags

Terms included in the hidden portion of a web page which are used by search engines such as Yahoo! and Google to describe your website and evaluate its focus and category placement.

internal reference price

a consumer's mental image of what a product's price should be based on experience and the consumer's estimate of what the comparative value might be

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 procedure, action items, KPIs, and analytics across all the different type of marketing efforts the firm will attempt

direct mail

a method of selling in which catalogs, brochures, letters, videos, and other pieces of marketing materials are mailed directly to customers

mat release

a news release that is typeset and thus may be photographically reproduced for inclusion in a newspaper

markup pricing

a price-setting method where an amount is added to the cost of a product to set the retail price and provide a profit

Product expansion

a strategy whose goal is growth, based on selling existing customers a product or service they have new bought before

product expansion

a strategy whose goal is growth, based on selling existing customers a product or service they have new bought before

market expansion

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

market penetration

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

press relations

activities used to establish and promote a favorable opinion by the media

public relations

activities used to establish and promote a favorable opinion by the public

external reference price

an estimation of what a price should be based on information external to a consumer, such a advice, advertisements, or comparison shopping

viral marekting

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

advertising

ften used to support the corporate identity and value propositions that are established through public relations efforts. Advertising outlets include newspapers, magazines, billboards, tv, and Internet banner ads, to name a few

Hit rate

how many prospects or leads you need to approach in order to make one sale; also called conversion rate

publicity

info about your company and its activities that is disseminated to the public in order to gain their good opinion

free ink

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

donation

monetary or other gifts to organizations or people who are in need

sponsorships

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

diversification

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

markup

the amount an entrepreneur adds to costs to provide a profit

margin

the amount of profit, usually stated as a percentage of the total price

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

guerilla marketing

the use of creative and relatively inexpensive ways to reach your customer

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; should have public recognition, importance, and interest