The marketing industry is a complicated and intricate industry, with many elements included, and technical terms as well. Many of these professional word usages can be confusing and intimidating to outsiders at first glance, but remember, anything can be taught. The following are a list of commonly used marketing terminologies that can be helpful in knowing more about the industry.
Account Manager: An account manager is generally in charge of sales, along with the relationships with a selection of customers. The account manager does not supervise the daily running of the account itself, but rather the relationship with the client of the account(s) they are assigned to. The position of an account manager is close to a middleman and an interface, serving both customers and communicating with the sales team of a company.
Banner: A banner, in this case, refers to the web banner or banner ad. It is a form of advertising on the internet that is delivered by an ad server. The initial intention of creating banner ads is to attract traffic to the web page by linking the website of the advertiser. It is known as a click-through, and functions the same way as traditional advertisements are meant to function: appealing to the customer and luring into the product or service.
Brand Loyalty: Brand loyalty refers to the act of buying products from the same supplier instead of diverting attention to other companies and brand names. This behavior can be triggered by word of mouth (sticking to the “goodies” you’ve heard about), situational constraints, lack of viable alternatives (no other solution) or out of convenience. Advertising can also have a toll on brand loyalty.
Competitive Advantage: This situation occurs when a company or organization develops attribute(s) that allow the possibility to outperform its competitors. These attributes can include access to natural resources, including high grade ores or inexpensive power, or it can be access to highly trained and skilled personnel human resources.
Market Position: This term is often recognized as the way the marketers attempt to create a distinct and noticeable impression in the customers’ mind. It is essentially the perception the target audience has on and towards this particular company. The perception is commonly related to competing companies in the same category, which hints the necessary role that positioning plays in order for survival in the irrational and competitive marketplace.
Newsgroup: A group is a system used for messages to be posted by many users in different locations. A newsgroup is undoubtedly a discussion group, but is in technical distinct form, and functions similarly to forums for discussion on the Internet. Newsgroups tend to appear in either binary or text form.
Product Life Cycle: The product life cycle is a business analogy used to identify the specific stages of a product that has been introduced to the general public. There are five prominent stages of a product’s life, and they include:
-INTRODUCTION: Refers to the first stage of the product, and the costs usually exceed revenue.
-GROWTH: Sales rapidly increase during this stage, when the market has genuinely accepted the product and is the crucial stage for brand establishment.
-MATURITY: Emphasized brand loyalty, more competition involved on the market, and where pricing generally declines.
-SATURATION: Sales gradually slow and advertising strategy is slightly altered to reinforce the guarantee of the product staying on the market.
-DECLINE: During this stage, the product falls due to the impact of new product competition and a different taste from consumers’ market. The company no longer has the ability to fend off competition and is forced to end the sales of the particular product.
Value Proposition: Value proposition is the promise and guarantee that value is to be delivered and customers believing and trusting that value would be received with purchase. This can occur with an entire company, one specific section of the organization, customer accounts, or product services. The developing process of a value proposition includes the analysis of the benefits, costs, and value that the company would be able to deliver to its customers.
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