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advertising
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mass communication that allows companies to reach a broad audience through TV, radio, newspaper, Internet, magazines, and outdoor ads
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brand
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image a company promotes and the connotations it fosters of itself and its products
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brand advocate
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someone who is a fan of your products and passes on the word to others
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brand strategy
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image a company conveys to its customers
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bundling
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bundle of products that is discounted to encourage customers to buy in bulk
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causal research
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identification of cause-and effect-relationships between two or more variables
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close
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step in the sales process in which the salesperson asks for and gets the sale
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conjoint analysis
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survey tool in which respondents must rank, choose, or a rate a number of “conjoint,” or linked, features or benefits
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cost-led pricing
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easiest way to price a product by taking the cost of making the product and marking it up to create profit
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customer-led pricing
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pricing led by what the customer is willing to pay
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digital marketing
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online marketing
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direct mail
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connecting to consumers via email or through printed mailed pieces
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entrepreneurial marketing
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set of unconventional practices that can help start-ups and younger firms survive in competitive markets
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ethnographic research
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use of personal observation of the subject by being immersed in the subject’s environment
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executive summary
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initial section of a business plan document that summarizes the key elements of the entire plan
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expeditionary marketing
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marketing designed to move established companies and their products into new markets and territories
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focus group
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gathering of people, typically six to twelve participants, who come together to discuss a topic presented by a moderator, who usually poses questions and collects qualitative data that can be used to answer questions or define research further
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guerrilla marketing
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creative approaches to marketing that seek to gain maximum exposure through unconventional means
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introductory offers
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using lower initial prices to attract new customers and build a customer base before prices return to their standard amount
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jingle
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short song or sound that brands a product or company and helps to promote it
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loss leader pricing
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using a below-standard price to attract customers in the hope that they will purchase other, more profitable goods and services
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market analysis
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analysis of the overall interest in the product or service within the industry by its target market
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market opportunity
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unmet need within a target demographic
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market research
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collection and analysis of data related to a business’s target market
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marketing
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umbrella term given to those activities that companies use to identify consumers and convert them into buyers
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marketing mix
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basic set of possible strategies and approaches that marketers use to reach their target market
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marketing plan
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formal business document that used as blueprint for how a company will achieve its marketing and business goals
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marketing strategy
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company’s game plan for how it will reach consumers and convert them into paying customers
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odd numbers strategy
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psychological pricing strategy that uses odd numbers in the prices to make a product’s price point more attractive to consumers
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penetration pricing
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pricing below that of a competitor’s price
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people
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company’s human resources
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personal selling
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using face-to-face interactions to communicate and influence a customer to make a purchase
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physical environment
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where a service takes place or a product is manufactured
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place
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channels or locations—physical or digital—where products can be found by customers
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positioning
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(or value proposition) statement of how you want the customer to perceive your company, good, or service
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premium pricing
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charging a price above a competitor’s price
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price
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value that must be exchanged in order for a customer to receive a product or service
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primary research
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research that involves gathering new data
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process
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chain of procedures and/or activities required to provide the product to the customer
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product
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good or a service that creates value by fulfilling a customer need or desire
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profit margin
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amount by which revenue exceeds costs, typically described as a percent
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promotion
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process of communicating value to customers in a way that encourages them to buy
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public relations
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marketing that focuses on connecting with constituents by developing goodwill
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qualitative research
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use of open-ended techniques such as observation, focus groups, and interviews to gain an understanding of customers’ basic reasons, opinions, and motivations
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quantitative research
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generation of numerical data through techniques such as surveys and questionnaires
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real-time marketing
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seeks to turn immediately available sales data into actionable and timely strategies that target the shifting landscape of consumer tastes and trends
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relationship marketing
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creates customer loyalty through personal interaction and strives for long-term engagement
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sales promotion
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incentives such as coupons and discounts that help attract customers and help them take action
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sales strategy
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plan that the entrepreneur uses to identify and engage a consumer, from prospecting to securing the sale and beyond
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sample
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group of people participating in market research
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secondary research
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research that uses existing data
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segmenting
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separating the total population by homogeneous groups of people that have similar tastes, backgrounds, lifestyles, demographics, and culture
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serviceable available market (SAM)
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portion of the market that a business can serve based on its products, services, and location
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situation analysis
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examination of the internal and external circumstances relevant to a particular business
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skimming
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high-pricing strategy that leverages the newness of a product in order to “skim” the most profits off the top at the beginning of a sale
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social media
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online communication tool for entrepreneurs to connect with consumers, especially younger demographics
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tagline
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short and catchy positioning statement that quickly communicate some core aspect of the brand to the consumer
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target market
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specific group of consumers for which a company seeks to provide a good or service
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targeting
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selecting a customer group based on their ability and willingness to buy
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total available market (TAM)
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total perceived demand for a product or service within the marketplace
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validation
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act of verifying that a product can be successful with a target audience
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viral marketing
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marketing that uses engaging content in the hopes that viewers will share it on their personal and social media networks
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word-of-mouth (WOM) marketing
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promotion in which a satisfied customer tells others about their positive experience with a good or service