|
Marketing
Definitions You Should Know “Everything
starts as a perceived need.” “You
are a business unto yourself.” Effective
career management is highly dependent on exceptional personal marketing
skills. While this can be confusing concept for successful executives to
grasp, it becomes a lot clearer when they look at what their own companies
have to do to be successful in business. Benefit
People don't buy products or services. They buy the benefits they expect
to derive...in other words they buy solutions to problems.
Key
Customer Benefit
Main reason why someone would buy your product or service over another...a
compelling reason or promised solution to a perceived problem.
Branding
A promise or pledge of quality. It is the essence of a product, including
why it is great, and how it is better than all competiting products. It is
an image. It is a combination of words and letters, symbols, and colors. Business
Plan
A document that spells out a company's expected course of action for a
specified period, usually including a detailed listing and analysis of
risks and uncertainties. It should examine the proposed products, the
market, the industry, the management policies, the marketing policies,
production needs and financial needs. Competitive
Advantage
Things that are valuable to customers that you do better than your
competitors. The dimension of difference must be important to the target
market. Market
Segmentation
Tailoring products, services, and promotions to appear to special
interests of different groups of customers having different wants and
needs. Marketing
The process of creating a product
(you!), then planning and carrying out the pricing (your compensation
package!), and placement (your personal marketing awareness campaign) of
that product by stimulating buying exchanges in which both the
buyer and seller profit in some way (your future company's
return-on-investment in hiring you). Marketing Mix
Marketing is a complex collection
of activities. The marketing mix are the key tools marketers use to
advance the exchanges mentioned in the definition of marketing above. It
is the the blend of product, place, promotion, and pricing strategies
designed to produce satisfying exchanges with a target market. This is
often referred to as the Four Ps. Marketing
Plan
An integral part of the business plan stating in words and numbers how,
where and to whom a business proposes to sell its product and/or services. Mission
Statement
Defines
the core purpose of the organization - why it exists. The mission examines
the "raison d'etre" for the organization beyond simply
increasing shareholder wealth, and reflects employees' motivations for
engaging in the company's work. Effective missions are inspiring,
long-term in nature, and easily understood and communicated. Positioning
(Market
Position)
Perception or idea
your potential customers hold about you...how they perceive your product
or service relative to your competition. Your positioning strategy relates
to your decisions regarding the Four Ps. Strategic
Plan
A forward-looking plan that aims to map out the means to achieve
longer-term goals and to plan a response to unforeseen problems and
opportunities. Target
Market
The universe of potential customers you want to know about your product or
service...otherwise known as customers, clients, prospects or market
segments. Value
People buy a
certain product or service because they find it to be a superior value to
similar offerings. Value is the benefit customers receive in
functionality, availability, and ease of possession in relation to the
price they pay. Vision
Statement
Statement giving a broad, aspirational image of the future that an
organization is aiming to achieve.
|
