Marketing Basics & Glossary

Marketing Basics & Glossary

Here is the list of various key words which are used frequently in the sector of marketing. It’s not the complete list but we are introducing you with the base of marketing. The basic key words of marketing are: 

Market

A market refers to a set of actual and potential buyers and sellers of goods. 

Entrepreneur

Entrepreneur is a person who is skilled at identifying new products (or new methods of production), setting up operations, marketing the products and arranging the financing of the operations. 

Enterprise

Enterprise is a business undertaking or an entire organization rather than a unit or sub-division.

Marketing Orientation

Marketing orientation is trying to understand the customer’s needs and developing an appropriate product or service and selling the same.

Brand

 A name, term, sign, symbol or design, or a combination of them, which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. 

Packaging

Packaging is the designing and producing of the container or wrapper for a product in order to prepare the goods for transport, sale and usage. 

Inventory

Inventory is a detailed list of all the items in the stock. 

Unique Selling Proposition

It is one thing that makes a product different than any other that marketers think consumers will buy the product even though it may seem no different from many others just like it. 

Customer loyalty

It is the behavior customers’ exhibit when they make frequent news repeat purchases of a brand. 

Warehousing

It’s the business of running an establishment for the storage or accumulation of goods. 

Promotion

Promotion is essentially a firm’s sales efforts and includes the function of informing, persuading and influencing the purchase decision of current and prospective customers with the object of increasing sales and profits. 

Advertisement

It is any paid form of non-personal presentation and promotion of goods, services or ideas by an identified sponsor. 

Publicity

Publicity may be defined as any form of non-paid commercially significant or editorial comment about ideas, products or institutions. 

Product differentiation

It means making one’s product different in some manner from those of competitors, no matter how small the differentiation may be. 

Channels of distribution

A distribution channel consists of the set of people and firms involved in the transfer of title to a product as the product moves from producer to ultimate consumer or business user.

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