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General Terms and Acronyms
3C – A checklist for the following terms: customers, competition, and the company. For example you might use it when considering a decision and how your customers might respond, how your competition might respond, and how the decision fits with the abilities and culture of the company.
AIDA – An acronym standing for Awareness, Interest, Desire, and Action.
Barista - From the italian word for bartender, baristas are more typically coffee house employees preparing espresso based coffee drinks.
Brand Identity Model - Also known as the Aaker Model, the BIM is a four level model designed by David Aaker, a marketing professor at the University of California Berkeley. This model conceives of brand equity as a combination of brand awareness, loyalty and associations, adding up to the value of the brand. The four levels of the brand identity according to the model are Brand as product, Brand as organization, Brand as person and Brand as symbol.
Bundled pricing – This refers to this process of bundling different products and services together into one price - also an example of opaque pricing.
Brand Positioning Statement or BPS - A statement that defines the type of positioning strategy planned for a brand. It typically contains information on the target audience or customer segment, their needs or problems, as well as information about competitive products on the market and what your brand might offer in context.
Business-to-business - Also known as B2B, meaning commerce transactions between businesses, such as manufacturers and wholesalers.
CEO - Chief Executive Officer - American title for an organization’s president, executive, or Managing Director (MD) - the British title.
Channel economics – A description of how money is divided, depending on whether the money is traveling through a direct channel or an indirect channel.
Confidence interval - An interval estimate that aims to include the parameter of interest within its range at a predefined confidence level (usually between 90% and 99%).
Cost of Customer acquisition – Simply put how much it costs a company to acquire it’s customers.
Cost-plus pricing – A pricing strategy in which the selling price is determined by adding a percentage markup to a product's unit cost. An alternative pricing method is value-based pricing.
Counterculture - A subculture whose values and norms of behavior differ substantially from those of mainstream society, often in opposition to mainstream cultural norms.
Crowdsourcing - the activity of drawing ideas and input from the general public, consumers or the “crowd” to help you in your business decision-making.
Customer lifetime value – The retention or return rate on keeping a customer’s business.
Demographics - Information regarding human populations made up from a variety of data including age, ethnicity, geographical location, gender, income, education, religion, language etc.
Direct channel – A descriptor for when the customer is buying directly from the company, rather than through a third party.
Differentiated value proposition – See Point of Difference.
Differentiation – In marketing differentiation refers to the process of distinguishing a product or service from other options or competitors.
Dis-intermediary – A reference for something that removes the middle-man, or intermediary, from the supply chain.
Distribution Strategy - A business strategy orientated around getting a product or service through the various distribution channels to the ultimate purchaser, or end-user.
Drone - Also known as UAV’s or unmanned aerial vehicle, drones are aircraft without a human pilot aboard. A drone’s flight is controlled either autonomously by onboard computers or by the remote control of a pilot on the ground or in another vehicle. A certain amount of controversy exists around privacy and security issues connected to commercial and civilian drone use.
Dynamic pricing - Pricing that changes in real time and with fluidity according to external conditions and influences.
Earned Media – Word of mouth responses or what people say about your company. Earned Media can happen both online and offline.
Free-mium model - A model in which the product or service is delivered free at ‘purchase’ but later upgrades or add-ons cost to purchase. Common in the computer game industry.
HR - Human resources, or the manpower/ people that make up a workplace or organization.
Hypothesis - Proposed explanation for a phenomenon. In the scientific method we expect to be able to frame a hypothesis so that it can be tested by research.
Inbound Marketing – A pro-active approach involving forums such as direct mail or online email in which you are trying to see if the customer is interested and open to a relationship.
Indirect channel – A process by which the customer buys from the company by way of an intermediary or middleman.
Intermediaries – Also known as channel partners or middlemen.
Intercept interviews - Method for collecting data, usually involving intercepting participants on the street, in-store, by mail or by phone and conducting a short survey with them.
Integrated Marketing Communications (IMC) - The combining of various different approaches, such as billboards, print ads, viral videos, in the communication of an overall message
Long tail - A reference to long-tail marketing. Previously Marketing tended to neglect the less popular tail of consumer interest in a product because it was too niche an audience. However in recent years technology and global distribution has changed, resulting in access to a wider market for less popular items. It is now possible to build a business entirely based on the tail of a very specialised area.
Lovemarks Construct - A four quadrant model created by Kevin Roberts based on a two dimensional axis. One axis is connected to love for the product, the other to respect for the product. The basic premise is that products can be divided into 4 categories (Brands, Commodities, Fads, and Lovemarks) depending on where they fall on the two axis. Commodities tend to be low in love and respect for example, while Lovemarks are high on both respect and love.
Loyalty segmentation - Segmentation by customer loyalty, typically using a system such as Net Promoter, that scores customers on how likely they are to recommend in order to divide them into three groups; promoters, passives and detractors.
Marketing mix - A business tool used in marketing to make important decisions that lead to the execution of a marketing plan. Often associated with the four P's: price, product, promotion, and place.
Net promoter score (NPS) – A management tool that can be used to gauge the loyalty of a firm's customer relationship. It is predicated on the question “Would you recommend this brand to your friends and family?”
Offline channels – A channel of distribution in which the product is sold in-person.
Online channels – A channel of distribution in which the product is sold on the Internet.
Opaque pricing – A pricing strategy in which some of the costs of the product are hidden from the buyer and the buyer cannot easily compare the price of your product to other comparable products.
Outbound Marketing – Traditional paid advertising, such as television or print where you are pushing your message out to a large group of customers and expecting a reaction.
Owned Media – Advertising your company by way of something you own, such as having a website or storefront.
Paid Media – Traditional paid advertising, such as paying to advertise your company on television or in print.
Penetration approach – Lowering the price with the goal of appealing to everyone who might reasonably consider buying the product.
PEST – An acronym standing for the Political, Economic, Social, and Technological dynamics in society that impact your business, your competitors, and the customers you are trying to appeal to.
PEST analysis - Political, Economic, Social and Technological analysis that describes a framework of macro-environmental factors used in the environmental scanning component of strategic management, to ensure a comprehensive and systematic approach to data useage.
PhD - Doctor of Philosophy, a postgraduate academic degree awarded by universities, and covering a variety of academic disciplines.
P.o.P. – An acronym standing for Points of Parity. These are features of a product that are similar to other products. Points of parity allow you to play the game. Note similar P.O.P which refers to point of purchase, denoting the area around a sales point in a retail environment.
P.o.D. – An acronym standing for Points of Difference. These are features of a product that distinguish your product. Points of difference may allow you to win the game.
Positioning (and Competitive Positioning) comes from understanding who the target segment for your product or service is, and differentiating how your product will fill their needs better than any other competitive product.
Pricing Discrimination – Pricing the same product at different prices, often due to differences in the customers’ willingness-to-pay.
Pricing sensitivity – How sensitive your volume is to changes in price. High price sensitivity implies that a small change in price will cause a large change in volume. Conversely low price sensitivity implies that changes in price will cause little change in volume.
Pricing strategy – A plan that you set with regards to your pricing.
Primary research – Data that you gather yourself first hand or that you commission to be collected. Tends to be more expensive but also more customizable.
Pricing tactics – Either the means by which your implement your pricing strategy, or the means by which your respond to someone else’s strategy.
Product Levels - As described by Paul product levels can be understood as a series of concentric circles that define the end product, traveling inwards from generic to specific.
Pull Marketing – See Inbound marketing.
Push Marketing – See Outbound marketing.
PLC - Product Life cycle Model - Simply put this is a model charting the history of a product from introduction to the marketplace, through growth and maturity, and into decline. The PLC model typically includes aspects relevant to marketing and management for each stage of the product life cycle.
Psychographics - The study of personality, values, opinions, attitudes, interests and lifestyles. Psychographics are sometimes also known as AIO (Attitudes, Interests and Opinions) variables.
Qualitative Data – Data that deals with more subjective experiences such as complex opinions, feelings and observations. It is typically less numerical in nature and has a lower number of respondents. An example might be data from a series of free flowing interviews or focus groups.
Quantitative Data – Data that is more number based and is intended to provide analytical proof or evidence. Such data should easily lend itself to statistical analysis. An example might be data gathered from an experiment or scaled questionnaire.
Real-time marketing - Quick turnaround marketing strategy designed to take advantage of events or incidents that happen in the world for use in your marketing or communication campaign immediately.
Research Methods - Method for carrying out research in order to answer a question you wish to resolve. Can be carried out in a variety of ways such as using focus groups, in-depth or shorter interviewing techniques, surveys, experiments, observations, etc.
Secondary research – Research involving the use of previously collected data that may include potentially re-analysing the data to extract further insights. Secondary research tends to be quicker than primary research but less customizable. Often a good start to a research process, since it can bring you up to speed of what’s been done already in the area.
Segmentation - In marketing this refers to the division of a broad market into subsets of consumers, businesses, or countries each with common needs, interests, and priorities, and then designing and implementing strategies to target them.
Skimming approach – An approach that requires micro-segmenting of the market, taking those who are willing to pay a very high price for the product, and selling the product to them specifically.
Statistical analysis - Analysis of data through a statistical process. In business intelligence it may also refer to the whole process of collecting and analyzing data with the goal of identifying relationships and trends.
SWOT – An acronym standing for Strengths, Weaknesses, Opportunities, and Threats.
SWOT framework - A structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture.
Target Market - A group of customers towards which a business has decided to aim its marketing efforts and merchandise. Segmenting, Targeting and Positioning are all factors in Marketing Strategy.
Tiered pricing or High/medium/low pricing – A system in which a company can offer some of their products or services cheaply or even for free, while others are offered at medium or even very high pricing.
Trading up - A trend seen in middle-market Americans to selectively decide that a luxury purchase or experience is worth the extra expense and opting to sacrifice other goods, such as dining out or clothing, in order to pay for the desired luxury.
Transaction pricing – The pricing of a certain quantity of a good or service, expressed in terms of the quantity of some other good or service.
Transparent pricing – A pricing policy that allows for the buyer to easily know the price, enabling them to easily compare the price of your product to other comparable products available.
Touch point - The interface or contact between a product, service or brand, with the user (be it consumer, employee or other stakeholder) before, during and after a transaction. Sometimes also referred to as the moment of truth, touch points are frequently analysed, and managed strategically in marketing to build a company’s success.
VALs model - Values, Attitudes and Lifestyles model is a research framework used for psychographic segmentation, designed by Strategic Business Insights.
Value Proposition VP - A simplified condensed or shortened version of the BPS often used for efficient communication. The VP should be constructed after, not before, the BPS.
Variable - Variable is the name that is given to an item of variance that we wish to explain. The purpose of research is to describe and explain variance in the world. Variance is simply the difference or variation that occurs naturally in the world, or is changed as a result of an experimental manipulation. Common variables in marketing research are dependent variables, independent variables and moderating variables.
WIIFM – An acronym standing for ‘What’s in it for me?’. The customers asks themselves this when considering the benefits of a product and the benefits that come from the features.
Word of Mouth (W.o.M.) - Communication by customers regarding a product, service or brand. WOM can be positive, but is especially problematic when it is negative.
Products, Companies & Brands
Amazon - Amazon.com, Inc. is an American electronic commerce company with headquarters in Seattle, Washington. It is the largest Internet-based retailer in the United States. Amazon.com is the largest interent based retailer in the USA and has now extended internationally. Amazon delivers its product line through its own shipping service and is currently involved in researching the potential for a Prime Air drone delivery program. www.amazon.com/
Agent Provocateur - A British company selling colourful fashion orientated lingerie founded in 1994, and now retailing internationally. www.agentprovocateur.com/
BMW - Bayerische Motoren Werke AG, a luxury german car and motorcycle manufacturing company. www.bmw.com/
Bugaboo International - Dutch company started in 1996, that designs and makes pushchairs. https://www.bugaboo.com/CA/en_CA/home/
BusinessWeek - Also known as Bloomberg Businessweek is a weekly magazine offering interpretation of recent business events. The magazine is based in New York. Competitors are Forbes and Fortune. http://www.bloomberg.com/
Cadbury - British multinational confectionery company, founded in 1824 and based in the UK. Cadbury is currently considered to be the second largest confectionery company in the world. https://www.cadbury.co.uk/
Citibank - The consumer division of the financial services multinational organisation Citigroup, Citibank has over 3000 branches across 36 countries with it’s main base in the USA https://online.citibank.com/
Dove - Toiletry brand owned by Unilever, noted for it’s Real Beauty Campaign started in 2004. www.dove.com/
EMI - British multinational music recording and publishing company based in London, that broke up in 2012. e-m-i.com/
ET - Extra-Terrestrial or ET is a critically acclaimed successful 1982 American science fiction-family movie co-produced and directed by Steven Spielberg that tells the story of a boy who befriends ET, a small alien stranded on earth, and ultimately helps return it home to its family. www.imdb.com/title/tt0083866/
Expedia – An American-based parent company to several global online travel brands including Expedia.com, Hotels.com, Hotwire.com, trivago, Egencia, Venere, Expedia Local Expert, Classic Vacations, Expedia CruiseShipCenters and eLong. www.expedia.com/
The Hershey Company - Largest chocolate manufacturer in North America, founded in 1894 and based in Pennsylvania. www.hersheys.com/
Interbrand - A division of Omnicom that offers brand consultancy including strategy, valuation, analytics, design etc. www.interbrand.com/
Kleenex - Paper based product brand of Kimberly Clark Worldwide selling paper towels, bathroom tissue etc. https://www.kleenex.com/
LinkedIn – A business-oriented online social networking service. https://www.linkedin.com/
Mad Men - An award winning critically acclaimed North American TV show set in the 1960’s and produced by TV network AMC (American Movie Classics). Man Men’s early success, ensured it quickly attained popular cult status, and became a magnet for product placement and marketing opportunities. www.amc.com/shows/mad-men
Mars Inc. - American global manufacturer of confectionery, pet food and other food products, founded in 1911. Mars is considered to be the largest confectionery company in the world and is currently ranked as the 6th largest privately owned company in the world. www.mars.com/
NASCAR - National Association for Stock Car Auto Racing, the largest sanctioning body of stock car racing in the USA. www.nascar.com/
Nestle SA - Swiss Multinational food and beverage company founded in 1866 and based in Switzerland. www.nestle.com/
Nike Inc. - American multinational corporation producing footwear, apparel, sports equipment, accessories and services. Nike is known for its sponsorship of athletes and sports teams worldwide. www.nike.com/
Oreo - A round chocolate sandwich cookie made by Nabisco in the USA. Their on the fly ‘dunk in the dark ‘campaign was a quick social media response to the 2013 Super Bowl power outage. www.oreo.com/
Positioning - The Battle for Your Mind - a marketing book by Ries and Trout published in 2001 on communication, branding, marketing and product management. www.amazon.com/Positioning-The-Battle-Your-Mind/dp/0071373586
Procter & Gamble Co. – Also known as P&G, it is an American multinational consumer goods company. www.pg.com/
Radiohead - Critically acclaimed English rock band that have sold more than 30 million albums worldwide. www.radiohead.com/
Reese’s Pieces - Peanut butter candy manufactured by The Hershey Company for the North American market. Introduced in 1978 and made popular by the 1982 release of the movie ET. www.reeses.com/
Safeway – An American supermarket and grocery store chain. www.safeway.com/
Starbucks - American global coffee company, founded in 1971 and based in Seattle. www.starbucks.com/
Statoil - Norwegian multinational oil and gas company based in Stavanger, Norway. www.statoil.com/
SBI - Strategic Business Insights is the former business intelligence division of SRI International, a consulting company based in the USA. www.strategicbusinessinsights.com/
Super Bowl - Annual championship game of the National Football League (NFL). The Super Bowl is one of the most viewed American TV broadcasts of the year and as a result commands the most expensive commercial airtime, leading to the development of prestigious and expensive advertisements to be shown during the game. www.superbowl.com/
Teekay Shipping (corp) - Largest shipping company in the world and a leading transporter of crude oil and petroleum products. teekay.com/
Tide – (Alo, Vizir, or Ace in some countries) is the brand-name of a laundry detergent manufactured by Procter & Gamble, first introduced in 1946. www.tide.com/
Twitter inc. - An online social networking service created in 2006 and based in San Francisco, that allows registered users to send and read short 140 character messages known as “tweets”. https://twitter.com/
Unilever - Multinational consumer goods company based in the Netherlands and the UK. Unilever owns over 400 brands, including Axe/Lynx, Dove, Knorr, and Lux. www.unilever.com/
United Airlines - American Airline Company based in Chicago. When measured by destinations served it ranks as one of the world’s largest airline companies. www.united.ca/
Victoria’s Secret - America’s largest lingerie retailer, founded in San Francisco in 1977, and selling lingerie online and through retail outlets. https://www.victoriassecret.com
Wal-Mart – An American multinational retail corporation that operates a chain of discount department stores and warehouse stores. www.walmart.com/
Xerox - An American multinational document management corporation producing printers, copiers etc. www.xerox.com/
Zappos - An online American clothing and shoe store. www.zappos.com/