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
