Marketing Terms

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Term Definition
Branding

Involves marketing decisions that have the objective of establishing an identity for a product using brand names, symbols and other distinctive measures with the goal of distinguishing the product from those offered by competitors.

Brand Name

Represents a branding decision in which an individual product is named or a name is applied to a group or family of products.

Brand Mark

Represents a branding decision in which a design element, such as a symbol, logo, character or sound, is used to provide visual or auditory recognition for a product.

Brand Loyal (also Brand Loyalty)

Description given to customers who frequently and enthusiastically purchase a particular brand and are less likely to be enticed to switch to other brands compared to non-loyal customers.

Brand Licensing

Contractual arrangement whereby a marketer owning a brand name negotiates (for fee or percent of sales) with other companies to allow these companies to produce and supply products carrying the marketer's brand name.

Brainstorming

A group discussion market research technique that encourages creative thinking and group interaction to help stimulate idea generation.

Boutique

Retail format represented by a small service-oriented outlet carrying very specialized and often high-end, high priced merchandise.

Bid Pricing

A process for setting the initial price for a product, mainly found in government and business markets where multiple sellers compete for a large purchase, that requires the marketer to set price without direct knowledge of competitors’ pricing since, in most situations, prices are not made known until a purchase is awarded.

Below Competition Pricing

A competitive pricing method in which initial price is set at levels intended to be below competitors’ prices.

Backward Pricing

A market pricing method that is not only used to set a product’s initial price but also determines whether production is viable since this method begins by first using research to determine what customers are willing to pay and from this working backwards (factoring out costs) to assess production viability.

Automated Warehouse

A type of warehouse that functions with advanced computer and robotics technology to automate storage activity.

Augmented Product

A component of the Total Product offered by the marketer, this represents goods and services that surround the Actual Product in order to provide additional value to the customer’s purchase and include guarantees, warranties and training services.

Audience Tracking

Media market research technique to monitor and learn how customers access and use media (e.g., television viewing, website activity).

Attitude

A component of the internal influences on consumer buying behavior that represents what a person feels or believes and which may be reflected in how a person acts (e.g., what they buy).

Assisted Marketing Systems

A direct distribution system where the marketer relies on others (e.g., agents and brokers) to communicate the marketer’s products but the marketer handles distribution directly to the customer.