MGT Chapter 10

Predetermined Market Segments

Professionally complied target audiences based on shared demographic, financial, shopping and psychographic characteristics

Issue Recognition

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

Trendiness

A concept in public recognition that alludes to the fit of the topic to current fashion or public interest

Media Content Strategy Plan

A document, for manager and employees of the firm to see, that details the specifics of the firm's marketing efforts including the goals, target audience.....etc. across all different types of marketing efforts the firm will attempt.

Target Market

A marketing term that refers to the group of customers in the area you plan to serve who would be likely to be interested in your product or those of competitors. Target markets can refer to individuals or market groups called segments

Mat Release

A news release that it typeset and this may be photographically reproduced for inclusion in a newspaper

Market 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

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

Media Kit

A type of specialized web page or sales-material-based package sent to media outlets that is focused on telling them about your company and its story. These are often built around a press release for something of potential current interest to the media outlet (Also called Press Kit)

Press Release

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

Public Recognition

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

Bot

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

Succinct Message

The ket 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

Market Segmanetaiton

The process of dividing the market into groups that have somewhat homogenous needs for a service or product

Segmentation

The process of dividing the market into smaller portions of people who have common characteristics

Personal Selling

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

Public Importance

1. Things that are considered important to large numbers of otherwise unrelated people 2. Things that are of civic importance, as opposed to private or corporate entities

Public Interest

1. Things that are generally considered to be beneficial to large numbers of people 2. Civic causes and benefits, as opposed to private and corporate benefits

Power

A concept in public importance that alludes to potential shifts in control and influence

Currency

A concept in public importance that alludes to the degree to which the issue is immediate in its impact

Human Interest

A concept in public interest that alludes to a character to whom the public can relate

Good Story

A concept in public interest that alludes to an incident with good triumphing

Famous Faces

A concept in public recognition that alludes to connections of your event or firm to individuals the general public would recognize

Proximity

A concept in public recognition that alludes to ow close the issue being discussed is to you, your family or your business

Public Relations

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

Press Relations

Activities used to establish and promote favorable opinion by the media

Viral Marketing

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

Visuals

Concept in public interest that alludes to the graphic interest held by an event

Cultural Resonance

Concept/public interest/alludes to events with a broad appeal within the market or population

`Cognitive Dissonance

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

Hit Rate

How many prospects or leads you need to approach in order to make one sale. Also called the conversion rate

Promotional Mix

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

Publicity

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

Concentrated Strategy

Marketing Strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group

Differentiated Strategy

Marketing Strategy in which a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs

Undifferentiated Strategy

Marketing Strategy that uses no segmentation; assumes that all consumers have virtually identical needs and can be reached by the same marketing mix

Key Performances Indicators (KPI's)

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 KPI's 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

Free Ink

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

Donations

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

Advertising

Often used to support the corporate identity and value propositions that are established through public relations efforts. part of conveying your message to your customers, advertising outlets include newspapers, magazines, billboards, TV and internet banner ads

Sponsorship

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

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

Diversification

Strategy goal is growth by adding new products or services to the firms existing collection of offerings

Search Engine Optimization (SEO)

Techniques applied to web pages in order to obtain favorable placement on internet search page results

Customer Retention (CR)

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

Keywords and Description Tags

Terms included in the hidden portion of a web page that are used by search engines such as google or yahoo to describe your website and evaluates its focus and category placement

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

Impression

What it is called when someone notices a promotional effort

Organic Traffic

People who come to your website based on their own actions where you have not paid for the link (Unpaid search)

Sales Leads

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

Domain Name

The specific name of an internet site, consisting of a name followed by ".com .net" or a similar code

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

Marketing Funeral

The rule of thumb in marketing that it takes a large number of people to be made aware of your product in order to find a purchaser

Brand Promise

The gains provided or the help given by the product or service your firm offers

Product Expansion

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

Market Expansion

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