Marketing Glossary
The terms below are a list of marketing and digital marketing terms that you may find useful. The content below was made available on Coursera for the Digital Marketing Specialization course offered by University of Illinois at Urbana-Champaign. We have made this available for reference only but all content credit goes to Coursera and\or University of Illinois at Urbana-Champaign school of Marketing.
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A
Advertising
A form of marketing communication used to persuade an audience to take or continue some action, usually with respect to a commercial offering, or political or ideological support.
Authenticity
The idea of digital authenticity is representing a brand and its products’ features, benefits, and performance in a genuine manner. Authenticity prevents brands from advertising false claims and stretching the truth, which are quickly uncovered in today’s digital world and thereby result in substantial embarrassment.
B
Brand equity
A phrase used in the marketing industry that describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well-known name, as consumers believe that a product with a well-known name is better than products with less well-known names.[1]
Brand management
In marketing, brand management is the analysis of and planning on how that brand is perceived in the market. Developing a good relationship with the target market is essential for brand management.[2]
C
Crowdsourcing
The process of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers.[3]
Cult of Done Manifesto
The Done Manifesto posted by Bre Pettis and Kio Stark is a set of working rules based on a sense of urgency. No time for careful deliberation, move on.[4]
Customer co-creation
The idea that customers can help design and develop products in addition to buying them. Such activity really helps enhance new product development activities.
Customer segmentation
The practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on.[5]
D
Digital authenticity
The degree to which a product’s online promotion provides customers with a genuine portrayal of its origins, features, and benefits (as well as its limitations). Authentic promotional campaigns typically focus on telling a story rather than making a claim. This story is usually connected to the brand in a genuine manner and provides customers with a sense that the brand has a purpose other than just making money.
Digital marketing
The marketing of products or services using digital channels to reach consumers. The key objective is to promote brands and product benefits through various forms of digital media such as the Internet, mobile phones, and social media.
Distribution
Product distribution is the process of making a product or service available for use or consumption by a consumer or business user, using direct means or using indirect means with intermediaries.
Doppelgänger brand image
Using digital design software, digital cameras, and digital editing programs combined with the Internet to remix or create your own version of a brand that you find offensive.
E
Elaboration Likelihood Model (ELM)
As the most popular theory about persuasion, ELM suggests that there are two main routes to persuasion: (1) the central route, which is cognitive in nature and (2) the peripheral route, which is more emotional in nature.
F
FUH2 Campaign
This creative viral internet campaign began in 2008 in response to General Motor’s marketing of the Hummer SUV. In the mid-2000s, General Motors tried to position this brand as the ultimate 4-wheel drive vehicle capable of taking on any challenge, and used the slogan, “Like Nothing Else.”
Fused deposition modeling
An additive manufacturing technology commonly used for modeling, prototyping, and production applications. It is one of the techniques used for 3D printing.[6]
G
H
I
Intangible good
An intangible good is a good that is intangible, meaning that it cannot be touched, as opposed to a physical good (an object). Digital goods, such as downloadable music and mobile apps, or virtual goods used in virtual economies are all examples of intangible goods.[7]
J
K
L
M
Marginal costs
In economics and finance, marginal cost is the change in the total cost that arises when the quantity produced has an increment by unit. That is, it is the cost of producing one more unit of a good.[8]
Market share
Market share is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.[9]
N
New Retail
A collection of strategies (both physical and digital) that physical retailers are using to react to the challenges of operating in a digital world.
O
P
Pareto Principle
This principle comes from the Italian economist Vilfredo Pareto, who found, back in 1896, that 80% of the land in Italy was owned by 20% of the population. Since this time, this principle has become known as the 80/20 rule and has been found to apply to a large number of phenomenon. For example, 80% of the world’s income is controlled by 20% of its population.[10]
Pay What You Want (PWYW)
Allowing customers to name their own price.
Placement
Placement aspect of the marketing mix focuses on making a product conveniently accessible to potential customers. It involves the physical movement of the product from a manufacturer through a series of marketing channel intermediaries ending with an independent retailer. Placement involves the important retailing function of displaying the product upon its shelves.
Price comparison tools
Price comparison tools have allowed pricing to move from prices revealed at the point of purchase to prices negotiated at the point of consideration. Price comparison has become easier for customers armed with a smartphone and a price search app such as Price Grabber or RedLaser. Leveraging these price comparison tools, customers can instantly compare prices on a physical retailer’s shelf with prices for the exact same product at Amazon.com and a large number of other online retailers.
Price segmentation
A suitable strategy if you have a narrow product range and can identify groups of prospects who would buy if the price was lower or who would be prepared to pay a higher price in return for a factor that they felt added value to the product.[11]
Pricing strategy
A pricing strategy is a firm’s basic approach to how it prices its products. Pricing captures the value of the product for the firm. Thus, having a good pricing strategy is critical for a firm’s profitability and very survival. The development of a pricing strategy often entails considering a product’s cost of production, what customers are willing to pay, and the prices of competing products.
Product
A product is really anything that fulfills a customer need or want. It is a good, service, or idea that has a distinctive selling proposition consisting of tangible or intangible attributes.
Product development
Product development is the process of designing, creating, and marketing new products or services to benefit customers. Sometimes referred to as new product development, the discipline is focused on developing systematic methods for guiding all the processes involved in getting a new product to market.[12]
Product segmentation
To operate a product segmentation strategy, carry out research to identify groups of customers who want benefits or levels of functionality that are not available currently in a product category. By creating different versions of a product, you can match those customers’ needs more precisely.
Promotion
Promotion covers the methods of communication that a marketer uses to provide information about its product. This information – both verbal and visual – is persuasive in nature, appeals to customers’ intellect or emotions, and influences them to buy your product instead of your competitor’s.
Q
Quad
An open grassy area located on the University of Illinois at Urbana-Champaign (UIUC) campus. It is the heart of the campus. Many activities from playing Frisbee to chatting with friends, napping to studying can be taken place there.
R
Retail
Retail is the process of selling consumer goods and/or services to customers through multiple channels of distribution to earn a profit.
Rule of 1
Typically only about 1% of all submissions will be useful enough to implement.
S
Selective Laser Sintering (SLS)
An additive manufacturing technique that uses a laser as the power source to sinter powdered material (typically metal), aiming the laser automatically at points in space defined by a 3D model, binding the material together to create a solid structure.[13]
Shopper marketing
Shopper marketing is “understanding how one’s target consumers behave as shoppers, in different channels and formats, and leveraging this intelligence to the benefit of all stakeholders, defined as brands, consumers, retailers, and shoppers.”
Showrooming
The practice of examining merchandise in a traditional brick and mortar retail store or other offline setting and then buying it online, sometimes at a lower price. Online stores often offer lower prices than their brick and mortar counterparts because they do not have the same overhead cost.[14]
Social recognition
Public acknowledgement of a person’s status or merits (achievements, virtues, service, etc.)
Stage-Gate method
The Stage-Gate method from Robert G. Cooper is an approach that can be used to make the product development process more effective. It is a blueprint for managing the new product process from an idea to launching a product. Each stage consists of a set of certain cross functional and parallel activities which must be successfully completed prior to obtaining management approval to proceed to the next stage of product development. The entrance to each stage is called a gate.[15]
Stereolithography
An additive manufacturing or 3D printing technology used for producing models, prototypes, patterns, and production parts up one layer at a time by curing a photo-reactive resin with a UV laser or another similar power source.[16]
T
Tangible good
Tangible goods are physical products defined by the ability to be touched. They are distinct from intangible goods, as well as services like a spa treatment [17]
3D printing
3D printing (or additive manufacturing, AM) is any of various processes used to make a three-dimensional object.
U
User-Generated Content
User-Generated Content occurs when a product’s customers create and disseminate online ideas about a product or the firm that markets it. These ideas are often in the form of text but also come in other forms such as music, photos, or videos. UGC has three key characteristics: (1) The contribution is by users of a product rather than the firm that sells this product; (2) it is creative in nature and the user adds something new; (3) it is posted online and generally accessible.
V
W
Webrooming
The practice of researching items online and then purchasing them in-store, is the reverse of showrooming – browsing for items in a store and purchasing them online later.[18]
X
Y
Z
References
[1] Brand Equity. (2015, February 28). In Wikipedia, The Free Encyclopedia. Retrieved 04:50, March 15, 2015, from http://en.wikipedia.org/w/index.php?title=Brand_equity&oldid=649296083
[2] Brand Management. (2015, January 7). In Wikipedia, The Free Encyclopedia. Retrieved 04:50, March 15, 2015, from http://en.wikipedia.org/w/index.php?title=Brand_management&oldid=641425044
[3] “Crowdsourcing – Definition and More.” Merriam-Webster.com. http://www.merriam-webster.com/dictionary/crowdsourcing
[4] Pettis, B. & Stark, K. (2009, March). The Cult of Done Manifesto. Retrieved fromhttp://www.brepettis.com/blog/2009/3/3/the-cult-of-done-manifesto.html
[5] Customer segmentation definition. Margaret Rouse. http://searchcrm.techtarget.com/definition/customer-segmentation
[6] Fused Deposition Modeling. (2015, January 16). In Wikipedia, The Free Encyclopedia. Retrieved 04:53, March 15, 2015, from http://en.wikipedia.org/w/index.php?title=Fused_deposition_modeling&oldid=642720112
[7] Intangible Good. (2014, November 2). In Wikipedia, The Free Encyclopedia. Retrieved 04:47, March 15, 2015, from http://en.wikipedia.org/w/index.php?title=Intangible_good&oldid=632179481
[8] Sullivan Arthur, Steven M. Sheffrin. “Economics: Principles in Action.” Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 111. ISBN 0-13-063085-3.
[9] Market Share. (2014, November 7). In Wikipedia, The Free Encyclopedia. Retrieved 04:51, March 15, 2015, from http://en.wikipedia.org/w/index.php?title=Market_share&oldid=632857159
[10] John Reh. (2015). Pareto’s Principle – The 80-20 Rule. In About Money, Retrieved March 22, 2015 fromhttp://management.about.com/cs/generalmanagement/a/Pareto081202.htm
[11] “Price Segmentation vs. Product Segmentation.” Ian Linton. http://smallbusiness.chron.com/price-segmentation-vs-product-segmentation-38631.html
[12] “Product development (new product development) definition.” TechTarget.com.http://searchcio.techtarget.com/definition/product-development-or-new-product-development-NPD
[13] Selective Laser Sintering. (2014, November 10). In Wikipedia, The Free Encyclopedia. Retrieved 04:53, March 15, 2015, from http://en.wikipedia.org/w/index.php?title=Selective_laser_sintering&oldid=633296613
[14] “Is ‘Showrooming’ Behind Target Move to drop Kindle?” Brett Molina.http://content.usatoday.com/communities/technologylive/post/2012/05/is-showrooming-behind-target-mov…
[15] “Explanation of the Stage-Gate Method of Robert G. Cooper.” 12 manage.com.http://www.12manage.com/methods_cooper_stage-gate.html
[16] Stereolithography. (2015, March 12). In Wikipedia, The Free Encyclopedia. Retrieved 04:53, March 15, 2015, from http://en.wikipedia.org/w/index.php?title=Stereolithography&oldid=651051762
[17] “What Are Tangible Goods?” WiseGeek. http://www.wisegeek.org/what-are-tangible-goods.htm
[18] “Why ‘Webrooming’ Could Bring Customers Back Into Stores.” Nicole Fallon.http://www.businessnewsdaily.com/6565-webrooming-retail-stores.html
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