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Fundamental Marketing Terms
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Direct Marketing
A form of advertising in which companies provide physical marketing materials to consumers to communicate information about a product or service.
Brand Equity
The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent.
Conversion Rate
The percentage of visitors who take a desired action, which can include filling out a form, becoming customers, or otherwise.
Market Penetration
The percentage of a target market that consumes a product or service. Market penetration can also refer to the number of sales or adoption of a product or service compared to the total theoretical market.
Native Advertising
A type of advertising, usually online but feasibly elsewhere, that matches the form and function of the platform upon which it appears.
Pay-Per-Click (PPC)
A model of internet marketing in which advertisers pay a fee each time one of their ads is clicked.
Inbound Marketing
A marketing strategy that focuses on attracting customers through content and interactions that are relevant and helpful, not interruptive.
Positioning
The place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors.
Demand Generation
The focus of targeted marketing programs to drive awareness and interest in a company's products and/or services.
Engagement Rate
A metric that measures the level of engagement that a piece of created content is receiving from an audience. It shows how much people interact with the content.
Online Reputation Management (ORM)
The practice of crafting strategies that shape or influence the public perception of an organization, individual or other entity on the Internet.
Marketing Mix
A combination of factors that can be controlled by a company to influence consumers to purchase its products: Product, Price, Place, Promotion (4Ps).
Unique Selling Proposition (USP)
The factor presented by a seller as the reason that one product or service is different from and better than that of the competition.
Marketing Strategy
A business's overall game plan for reaching people and turning them into customers of the product or service that the business provides.
Return on Investment (ROI)
A performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of a number of different investments.
B2B (Business to Business)
A form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer.
Affiliate Marketing
A performance-based marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals.
Influencer Marketing
A form of marketing involving endorsements and product placement from influencers, people and organizations who have a purported expert level of knowledge or social influence in their field.
SWOT Analysis
A strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.
Marketing
The act of promoting and selling products or services, including market research and advertising.
Customer Relationship Management (CRM)
A technology for managing all your company’s relationships and interactions with customers and potential customers.
Search Engine Optimization (SEO)
The practice of increasing the quantity and quality of traffic to your website through organic search engine results.
Public Relations (PR)
The professional maintenance of a favorable public image by a company, other organization, or famous person.
Customer Lifetime Value (CLV)
A prediction of the net profit attributed to the entire future relationship with a customer.
Price Elasticity
A measure of the responsiveness of the quantity demanded or supplied of a product in relation to its price change.
Marketing Channel
The mediums through which a company communicates with or delivers its products or services to the end-user.
Sales Funnel
The buying process that companies lead customers through when purchasing products. A sales funnel is divided into several steps, which differ depending on the particular sales model.
Target Market
A particular group of consumers at which a product or service is aimed.
Content Marketing
A strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience.
Market Segmentation
The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
Consumer Behavior
The study of how individual customers, groups or organizations select, buy, use, and dispose of ideas, goods, and services to satisfy their needs and desires.
B2C (Business to Consumer)
The process of selling products and services directly between a business and consumers who are the end-users of its products or services.
Brand Awareness
The degree of consumer recognition of a product by its name or design.
Outbound Marketing
Includes any marketing that reaches out to initiate conversations with potential customers rather than having customers come to them (i.e., traditional advertising).
Word of Mouth (WOM)
The process of actively influencing and encouraging organic word of mouth discussion about a brand, organization, resource, or event.
Cost-Per-Click (CPC)
The amount paid by an advertiser to search engines and other Internet publishers for a single click on their advertisement, which directs one visitor to the advertiser's website.
Product Life Cycle
The cycle through which every product goes through from introduction to withdrawal or eventual demise.
Marketing Automation
The technology that manages marketing processes and multifunctional campaigns, across multiple channels, automatically.
Social Media Marketing
The use of social media platforms to connect with your audience to build your brand, increase sales, and drive website traffic.
Marketing Analytics
The practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return on investment (ROI).
Permission Marketing
A non-traditional marketing technique that advertises goods and services when advance consent is given.
Sponsorship
A form of marketing in which a company pays for the right to be associated with a particular event, team, athlete, or organization.
Viral Marketing
A business strategy that uses existing social networks to promote a product. Its name refers to how consumers spread information about a product with other people, much in the same way that a virus spreads from one person to another.
Customer Acquisition Cost (CAC)
The cost associated in convincing a customer to buy a product/service. This cost is incurred by the organization to convince a potential customer.
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