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| Glossary |
| Advertising:Advertising tells people about a product
or service. Any paid form of non-personal presentation and promotion of
ideas, products or services by an identified sponsor. Advertising usually
focuses on the good parts of the product or service in an effort to get
people to buy it. Advertising Agency:A company acting as an agent for a manufacturer of products or provider of services (called the advertiser) devoted to developing and placing advertising in order to further the acceptance of a brand product, service, or idea. Brand: A trade name: a name given to a product or service Corporate image: The perception that people have of a company. It is a generally accepted image of what a company "stands for". Customer: The recipient of a product or service offered by an organisation. Dealer: Trader; someone who purchases and maintains an inventory of goods to be sold Distribution: The commercial activity of transporting and selling goods from a company to a customer. Distributor: An agent who sells equipment manufactured by other companies Goodwill: An intangible asset that adds value to the worth of a company; for example, the reputation of its products, services, or people. Hoarding: Wooden structure, or signboard, used to carry advertisements Infomercials: An advertisement that resembles a newspaper editorial or a television program but promotes a single advertiser's product, service, or point of view. Market: A group of people for whom a company creates and distributes a specific or series of specific messages to effect a desired consumer action. Marketer: Usually a person and sometimes a company, whose job involves persuading consumers to buy what producers want to sell. Media: The plural form of 'medium'; refers to the vehicles through which messages from advertisers can be conveyed to the public. Personal selling: Persuasive communication between a representative of the company and one or more prospective customers, designed to influence the person's or group's purchase decision. Point-of-purchase display: Any promotional material used to advertise a product in the store and to encourage the customer to act. Press release: A written announcement issued to the news media and other targeted publications for the purpose of letting the public know of company developments. Product: Tangible good for sale that can be held or touched. A motorcycle, toilet soap, a mobile phone… all are products that can be seen, touched and used. Product Life Cycle: Four stages that a new product is thought to go through from birth to death: introduction, growth, maturity and decline. Pull strategy: Involves the manufacturer using advertising and promotion to induce consumers to ask the wholesalers and retailers for the product, thus inducing the wholesalers and retailers to order it. Push strategy: Involves a manufacturer using its sales force to induce distribution channel members to carry, promote and sell the product to end-users Price: For a customer, price is the amount of money he has to give to buy a product or avail a service. On the other hand, for a company, it is the amount charged to provide the customer with a product/service. Price determines revenues of a company. Promotion: Any activity designed to enhance sales. Promotional tools include advertising, personal selling, publicity, and sales promotion. Retailer: An intermediary company that buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items or small quantities to the general public or end user customers, usually in a shop, also called store. Sales force: Sales department: the division of a company responsible for selling products or services Sales promotion: A company-sponsored programme devised to stimulate quicker or greater purchase of a product/service by consumers. Examples include free samples and money-off vouchers. Segment, or market segmentation: The act of dividing an overall market into groups of consumers with similar needs. Select or Market Selection: The process of selecting the best markets available for a marketing activity. Services: Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Banking, health care, hospitality and even the neighbourhood laundry, are but a few examples of services. Wants: The things in life those are not essential for survival but are desired for comfort, convenience or status. Wholesaler: An intermediary company that buys goods in large quantities from manufacturers or importers, and then sells smaller quantities to retailers, who in turn sell to the general public. |
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