IBPM Marketing Glossary (Principal Source: http://www.cim.co.uk) AIDA model of communication: A communication model which aims to obtain Attention, Interest, Desire and Action. Added Value: The increase in worth of a product or service as a result of a particular activity - in the context of marketing, the activity might be packaging or branding. Adopter Categories: Five groups into whichconsumers can be placed according to the time it takes them to adopt a new product or service. The five categories are: Innovators – Those who are first to adopt a new product or service. Early adopters – Those who adopt a new product or service after the innovators have already adopted it. Early majority – Those who adopt just before the ‘average’ person. Late majority – Those who eventually adoptthrough economic necessity or social pressure. Laggards - Those who are last to adopt a new product or service. Advertising objective: The objective of your communication strategy. To inform of a new development, persuade or remind. After Sales Service: Services received after the original goods or service have been paid for. Below the Line: Non-media advertising or promotion when no commission hasbeen paid to the advertising agency. Includes direct mail, point of sale displays, giveaways. See also, 'above the line' and 'push versus pull promotion'. Benefit: The gain obtained from the use of a particular product or service. Consumers purchase product/services because of their desire to gain these built in benefits. Benefit Segmentation: Dividing a market according to the benefit they seek froma particular product/service. Boston Matrix: A product portfolio evaluation tool developed by the Boston Consulting Group. The matrix categorises products into one of four classifications based on market growth and market share. The four classifications are: Cash cow – low growth, high market share Star – high growth, high market share Problem child – high growth, low market share Dog – lowgrowth, low market share
Brand: The set of physical attributes of a product or service, together with the beliefs and expectations surrounding it - a unique combination which the name or logo of the product or service should evoke in the mind of the audience. Brand extension strategy: The process of using an existing brand name to extend on to a new product/service e.g. the application of the brandname Virgin on a number of business activities. Brand name: Used for the identification of goods or services. Can be a name, term, sign or symbol. A well managed brand should uphold certain values and beliefs. Brand Personality: Collection of attributes giving a brand a recognisable unique quality. May be the result of contrived marketing action or an accident of market perception. Brandrepositioning: An attempt to change consumer perceptions of a particular brand. For example VW has successfully repositioned the Skoda brand. Brand Value: The value which a brand would be given if represented on a company balance sheet. Break-even: A point for a business where turnover is equivalent to all costs. Brown Goods: Electrical goods such as TVs, videos, stereo systems etc, used for homeentertainment. So called because they were originally cased in bakelite, a brown plastic. Business to Business (B2B): Relating to the sale of a product for any use other than personal consumption. The buyer may be a manufacturer, a reseller, a government body, a non-profit-making institution, or any organisation other than an ultimate consumer. Business to Consumer (B2C): Relating to the sale of productfor personal consumption. The buyer may be an individual, family or other group, buying to use the product themselves, or for end use by another individual. Buying Behaviour: The process that buyers go through when deciding whether or not to purchase goods or services. Buying behaviour can be influenced by a variety of external factors and motivations, including marketing activity. Buzz: Buzz...
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