April 28, 2014

Dictionary

After sales service : service that continues after the sale of a product (maintenance, etc.)

Agent: person or company that acts for another and provides a specified service.

B2B: B2B is defined as an abbreviation for business-to-business and is a business relationship where a company’s customers are other businesses.

B2B e-commerce: use of commercial networks, online product catalogues and other online resources to obtain better prices and reach new customers.

Benchmarking: comparing one’s products to those of competitiors in order to improve quality and performance.

Buyer: 1. Any person who makes a purchase, 2. A person employed to choose and buy stock for a company.

Buy cycle: The buy cycle is the process buyers go through to select and purchase a product or service. The phases involved include awareness, information, assurance and loyalty. The buy cycle is now the focus of marketers (instead of the sales cycle), because the Internet has put buyers, not sellers, in control.

Cash cow: A product that is a cash cow is in a declining market, the last stage of the product lifecycle. The owner of the product should not spend much money marketing the product, but “milk it” for all it’s worth as demand for the product slows down.

Cash refund offer: offer to pay back part of the purchase price of a product to customers who send a „proof of purchase” to the manufacturer.

Chain store: Two or more shops or outlets that have the same owner and sell similar lines of merchandise.

Client: person who buys services or advice from a lawyer, an accountant or other professional.

Close: finalize a sale or deal.

Coupon: certificate that gives customers a saving when they purchase a specific product.

Deal: a business transaction.

Direct investment: entering a foreign market by setting up assembly or manufacturing facilities in that country.

Discount: a reduction in price.

E-commerce: buying and selling by electronic means, primarily on the internet.

E-marketing: promotion of products and services over the internet.

Follow-up: maintain contact after the sale to ensure customer satisfaction.

Marketing ROI: Marketing return on investment (ROI) is calculated by dividing the  revenue generated by a marketing activity by the cost of the activity. It makes sense to calculate ROI for each different marketing activity for comparison purposes as well as for your marketing department as a whole.

Marketing Qualified Lead (MQL): a contact who meets three tests: they meet your ideal customer profile (ICP), they indicate clearly that they have the problem you are focused on solving, and they indicate they are keen to engage with (meet) your sales representative.

Market leader: the company with the largest market share in an industry.

Mark up: percentage of the price added to the cost to reach a selling price.

Niche marketing: Niche marketing is when a business identifies a part of an industry or specific buyers that have special qualities and markets only to that audience. Niche marketing is a good strategy for any company; changing to a niche strategy in a mature market is a way for a business to better compete when a market reaches maturity.

Opinion leader: person with reference, who, because of competence, knowledge, or other characteristics, exerts influence on others.

Product line: a group of products that are closely related.

Representative: a person who represents and sell for a company.

Social media: Social media are websites that allow individuals and companies to create profiles and share information and content about their company, products and services, and industry.

SWOT analysis: The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities, Threats.

Telephone marketing: using the telephone to sell directly to customers.

Trade fair: an exhibition at which companies in a specific industry can show or demonstrate their products.

USP (Unique Selling Proposition):the factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition

Viral marketing: the internet version of word-of-mouth marketing – email messages that customers pass on to friends.

Wholesale: to sell goods and services to those buying for resale (e.g.a shop) or for business use.