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Pearson Education - Marketing glossary
Category: Management > Marketing
Date & country: 11/11/2007, UK
Words: 260

Sales presentation
the stage of the personal selling process in which the sales representative outlines the product's features and benefits.

Sales promotion
usually short-term tactical incentives offering something over and above the normal product offering to encourage customers to act in particular ways.

Sales quotas
the sales targets that a sales representative has to achieve, broken down into individual product areas and specified as sales value or volume.

Sales subsidiaries
a subsidiary company set up in a foreign market to handle marketing, sales, distribution and customer care in that market.

(a) a form of product-based sales promotion involving the distribution of samples of products in a variety of ways, so that consumers can try them and judge them for themselves; and (b) in market research, the process of setting criteria and then selecting the required number of respondents for a research study.

Sampling process
defining the target population for a market research study; finding a means of access to that population, and selecting the individuals to be surveyed within that population.

Secondary research
data which already exist in some form, having been collected for a different purpose, perhaps even by a different organisation, and which might be useful in solving a current problem.

single European market; since 1992, completely free trade has been possible between member states of the EU, although the process of harmonising marketing regulations, product standards, tax rates, etc. is an ongoing process that has not yet been fully achieved.

Semi-structured interview
a form of market research that involves some closed questions for collecting straightforward data and some open-ended questions to allow the respondent to explain more complex feelings and attitudes, for example.

goods that are largely or mainly non-physical in character, such as personal services, travel and tourism, medical care or management consultancy.

Shell directional policy matrix
a tool for analysing a product portfolio, plotting competitive capability against prospects for sector profitability for each product, resulting in a nine-cell matrix.

Shopping goods
consumer goods purchased less frequently than convenience goods, and thus requiring some information search and evaluation; related to limited problem solving buying behaviour.

SIC code
standard industrial classification; a means of categorising organisations in terms of the nature of their business.

Single sourcing
the sourcing of a particular B2B good or service from only one supplier.

setting prices high in order to attract the least price-sensitive customers and to generate profit quickly before competitors enter the market and start to force prices down.

Slice of life
a style of advertising that shows how the product fits into a lifestyle that is similar to that of the target audience, or represents a lifestyle that they can identify with or aspire to.

Small business
small businesses are usually defined as those with fewer than 100 employees.

Social class
a form of stratification that structures and divides a society, often on the basis of income and occupation, for marketing purposes.

Sociocultural environment
trends and developments within society as a whole, affecting the demographic structure of the population, lifestyles, attitudes, culture, issues of public and private concern, tastes and demands.

Source credibility
the trustworthiness, likeability, respect or expertise of the perceived source of a marketing message in the minds of the target audience. Source credibility might be transferable to the actual subject of the message, or might at least ensure that the message is listened to.

Speciality goods
expensive, infrequently purchased consumer goods; related to extended problem solving buying behaviour.

Speciality stores
stores which tend to concentrate on one clearly defined product area, focusing on depth of range.

the provision of financial or material support to individuals, teams, events or organisations, outside the sponsor's normal sphere of operations. This might involve sport, the arts, community or charity work.

a deliberate strategy to maintainthe same product and marketing mix across all international markets without adapting it for local conditions.

STEP factors
the four broad categories of influences that create the marketing environment: sociocultural, technological, economic and competitive, and political and legal.

Store image
the positioning of a store in terms of its branding, product selection, interior and exterior design, fixtures and fittings, lighting, etc.

part of the process of developing a television or cinema advertisement, a storyboard shows sketches of the main scenes in the advertisement, describes what is happening at that point, and what sound effects should be used.

Strategic alliance
a collaborative agreemententered into by two or more organisations with a specific purpose in mind. It might include joint ventures or looser arrangements that do not involve any equity stakes.

Strategic business unit (SBU)
a group of products, markets or operating divisions with common strategic characteristics, that is a profit centre in its own right. An individual product, market or operating division could also be defined as an SBU if appropriate.

Strong theory of communication
a theory that assumes that marketing communication takes the potential buyer through the buyer readiness stages in sequence, thus forming attitudes and opinions before a purchase has taken place.

consumers who are not loyal to any one brand of a particular product and switch between two or more brands within the category.

SWOT analysis
a technique that takes the findings of the marketing audit and categorises key points as strengths, weaknesses, opportunities or threats.

Tangible product
the way in which the concept of the core product is turned into something ‘real' that the customer can interact with, including design, quality, branding, and product features.

deciding how many market segments to aim for and how to do it. There are three broad targeting strategies: concentrated, differentiatedand undifferentiated.

Technological environment
trends and developments in the technological field that might: (a) improve production; (b) create new product opportunities;(c) render existing products obsolete; (d) change the ways in which goods and services are marketed; or (e) change the profile of customers' needs and wants.

using the telephone: (a) to make sales directly; or (b) to develop customer relationships and customer care programmes further. Calls might be: (a) outbound, instigated by the organisation; or (b) inbound, instigated by the customer.

a form of non-store retailing including shopping by telephone and shopping via computer networks.

where potential suppliers bid competitively for a contract, quoting a price to the buyer.

Test marketing
the stage within the new product development process in which a product and its associated marketing mix are launched within a confined geographic area to get as realistic a picture as possible of how that product is likely to perform when fully commercialised.

Trade shows and exhibitions
centralised events, large or small, local or international, focused on an industry or a product area, that bring together a wide range of relevant suppliers and interested customers under one roof.

Trading up
an objective of sales promotion, encouraging customers either to buy bigger sized packs of products, or to buy the more expensive products in a range.

Transfer pricing
prices charged for the exchange of goods and services between different departments or operating divisions within the same organisation.

the purchase and use of a product for the first time by a particular customer.

Trial price
a very low or minimal temporary price often used for new products to encourage consumers to try them.

Trial sizes
a form of product-based sales promotion involving the sale of products in smaller than normal packs, so that consumers can buy and try them with minimal risk.

Unsought goods
goods that consumers did not even know they needed until either (a) an emergency arose that needed an immediate purchasing decision to help resolve it; or (b) an aggressive sales representative pressurised them into a purchase.

a customer's assessment of the worth of what they are getting in terms of a product's functional or psychological benefits.

Value management
the analysis of products and processes to see where the greatest costs are being incurred and where the greatest value is added. This can lead to cost savings and better value for money to the customer.

Variety stores
smaller than department stores, variety stores stock a relatively limited number of different product categories, but in greater depth.

Vertical marketing systems
a channel of distribution which is viewed as a coordinated whole and is effectively managed or led by one channel member. The leadership might be contractual, or derived from the power or dominance of one member, or arise from the ownership of other channel members by one organisation.

Viral marketing
the marketer uses electronic media to stimulate and encourage word-of-mouth or electronic message dissemination between individuals.

Weak theory of communication
a theory that assumes that marketing communication creates awareness of products, but that attitudes and opinions are only created after purchase and trial.

an intermediary which buys products in bulk, usually from manufacturers, and resells them to trade customers, usually small retailers.

Wireless marketing
(also known as m-marketing or mobile marketing) the use of text messaging via a mobile telephone as a means of marketing communication.

B2B goods
goods that are sold to organisations for: (a) incorporation into producing other products; or (b) supporting the production of other products directly or indirectly; or (c) resale.

B2B marketing
(also known as industrial marketing or organisational marketing) activities directed towards the marketing of goods and services by one organisation to another.

E-mail marketing
the use of e-mail as a direct marketing channel.

the use of electronic media such as the internet, wireless marketing and iTV for any marketing purpose.

an online retailer, including dotcom companies that sell goods/services, online ‘branches' of High Street stores, and manufacturers' online direct selling sites.

(also known as mobile marketing) see wireless marketing.