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Glossary

  • Advertising: The practice of promoting a product, service, or idea through various media, such as print, radio, television, and online platforms.

  • Brand: A distinctive name, logo, or symbol that represents a company or product. A strong brand helps to differentiate a product from its competitors and build customer loyalty.

  • Customer: An individual or organization that buys goods or services from a business.

  • Customer Relationship Management (CRM): A set of practices, strategies, and technologies that businesses use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving customer service and loyalty.

  • Demographics: The characteristics of a population, such as age, gender, income, and education level, that can be used to segment a market.

  • Direct Marketing: A marketing strategy that involves targeting specific customers directly with advertising or promotional messages.

  • Distribution: The process of making a product or service available for purchase by consumers. This can be done through various channels, such as retail stores, e-commerce websites, or direct sales.

  • Marketing Mix: A set of variables that a business can control in order to influence demand for its product or service. The four main elements of the marketing mix are product, price, promotion, and place (also known as distribution).

  • Marketing Research: The process of collecting and analyzing data about customers, markets, and competitors in order to inform marketing strategy and decision-making.

  • Market Segmentation: The process of dividing a market into smaller groups of consumers with similar needs or characteristics. This allows businesses to create targeted marketing campaigns and tailor their products or services to specific segments of the market.

  • Positioning: The process of creating a unique and distinctive image or perception of a product or brand in the minds of consumers, in relation to its competitors.

  • Product: A good, service, or idea that is offered for sale.

  • Promotion: The various marketing activities that a business uses to communicate the benefits and value of its products or services to customers. This can include advertising, public relations, personal selling, and sales promotions.

  • Public Relations (PR): The practice of building and maintaining relationships between an organization and its stakeholders, such as customers, employees, and the media.

  • Target Market: A specific group of consumers that a business is trying to reach with its marketing efforts.

  • Value Proposition: A statement that clearly communicates the benefits and value that a product or service offers to customers.

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