7.7 Key Terms
advertising
mass communication that allows companies to reach a broad audience through TV, radio, newspaper, Internet, magazines, and outdoor ads
brand
image a company promotes and the connotations it fosters of itself and its products
brand advocate
someone who is a fan of your products and passes on the word to others
brand strategy
image a company conveys to its customers
bundling
bundle of products that is discounted to encourage customers to buy in bulk
causal research
identification of cause-and effect-relationships between two or more variables
close
step in the sales process in which the salesperson asks for and gets the sale
conjoint analysis
survey tool in which respondents must rank, choose, or a rate a number of “conjoint,” or linked, features or benefits
cost-led pricing
easiest way to price a product by taking the cost of making the product and marking it up to create profit
customer-led pricing
pricing led by what the customer is willing to pay
digital marketing
online marketing
direct mail
connecting to consumers via email or through printed mailed pieces
entrepreneurial marketing
set of unconventional practices that can help start-ups and younger firms survive in competitive markets
ethnographic research
use of personal observation of the subject by being immersed in the subject’s environment
executive summary
initial section of a business plan document that summarizes the key elements of the entire plan
expeditionary marketing
marketing designed to move established companies and their products into new markets and territories
focus group
gathering of people, typically six to twelve participants, who come together to discuss a topic presented by a moderator, who usually poses questions and collects qualitative data that can be used to answer questions or define research further
guerrilla marketing
creative approaches to marketing that seek to gain maximum exposure through unconventional means
introductory offers
using lower initial prices to attract new customers and build a customer base before prices return to their standard amount
jingle
short song or sound that brands a product or company and helps to promote it
loss leader pricing
using a below-standard price to attract customers in the hope that they will purchase other, more profitable goods and services
market analysis
analysis of the overall interest in the product or service within the industry by its target market
market opportunity
unmet need within a target demographic
market research
collection and analysis of data related to a business’s target market
marketing
umbrella term given to those activities that companies use to identify consumers and convert them into buyers
marketing mix
basic set of possible strategies and approaches that marketers use to reach their target market
marketing plan
formal business document that used as blueprint for how a company will achieve its marketing and business goals
marketing strategy
company’s game plan for how it