Marketing Terms

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Term Definition
Major Re-Purchase Decision

Type of consumer purchase decision that is important to the consumer but the consumer feels confident making these decisions since they have previous experience purchasing the product.

Major New Purchase Decision

Type of consumer purchase decision considered to be the most difficult since these are important to the consumer but the consumer has little or no previous experience making these decisions.

Loyalty Programs

A form of sales promotion, used in both consumer and business markets, that offers customers rewards, such as price discounts and free products, based on purchase frequency or other activity.

Loss Leaders

A form of promotional price adjustment, primarily used by retailers to increase customer traffic, that intentionally prices select products at or below the cost the retailer pays to purchase the product from suppliers.

Lifestyle

A component of the internal influences on consumer buying behavior that represents what a person values out of life by the activities they engage in and the interests they express.

Late Majority

The fourth category within the Diffusion of Innovation consisting of up to one-third of the overall market who are primarily characterized as preferring to take a wait-and-see approach before trying something new.

Laggards

The fifth category within the Diffusion of Innovation consisting of a sizeable though not large percentage of a market who are primarily characterized as being reluctant to accept new products and may only do so if they have no other choice.

Label

Information imprinted on Final Customer Packaging and Distribution Packaging that serves many functions such as promotion, offering product details and product purchase information (e.g., contains Universal Product Code).

Knowledge Base

A repository of answers to commonly asked questions, product instructions or other information that customers may access online or over the phone.

Knowledge

A component of the internal influences on consumer buying behavior that represents the sum of all information known by a person.

Kiosk

A customer contact point consisting of standalone, interactive computers offering customers the ability to handle their own service options including gaining product information, making purchases, and reviewing customer account details.

Involvement

A concept in consumer buying behavior which relates to how much effort a consumer is willing to exert in making a buying decision.

Introduction Stage of PLC

Stage within the Product Life Cycle which occurs when a product is released to the market and sales begin though often sales start out slow as the market becomes aware of the product.

Intelligent Call Routing

Telephone technology that identifies and filters incoming customer calls and then direct calls to selected company personnel.

Innovators

The first category within the Diffusion of Innovation concept that consists of a small percentage of a market who are primarily characterized as being at the forefront of adopting new products and eager to try new things, often without regard to price.