Small Business Chapter 10

Value proposition

Small business owners' unique selling points that will be used to differentiate their products and/ or services from those of the competition.

Product expansion

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

Predetermined market segments

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

Segmentation

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

Proximity

A concept in public recognition which alludes to the impact level of the issue being discussed.

Publicity

Information about your company and its activities that is disseminated to the public in order to going their good opinion.

Customer relationship management (CRM)

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

Marketing funnel

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.

Public interest

-Things that are generally considered to be beneficial to large numbers of people, -Civic causes and benefits, as opposed to private and corporate benefits. -Good story, human interest, visuals, cultural resonance

Succinct Message

-Your key point in as few and as memorable words as possible -effective

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.

Viral marketing

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

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.

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.

Search engine optimization (SEO)

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.

Impression

What it is called when someone notices a promotional effort

Promotional Mix

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

Advertising

-Advertising is often used to support the corporate identity and value propositions that are established through public relations efforts. -advertising outlets include newspapers, magazines, billboards, television, and Internet banner ads.

Cognitive dissonance

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

Personal selling

-The process of selling your products and service -includes prospect and evaluate, prepare, present, close, and follow-up.

Public importance

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

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.

Diversification

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

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.

Customer vector

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

Press release

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

Sales leads

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

Target market

the segment or segments you select on which to concentrate your marketing efforts

Sponsorships

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

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.

Power

A concept in public importance which alludes to potential shifts in control or influence.

Currency

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

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.

Trendiness

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

Sales promotion

A form of communication that encourages the customer to act immediately, such as coupons, sales, or contests.

Word-of-mouth

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

Public recognition

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