Common Language in Marketing
The Common Language Marketing Dictionary managed by MASB (the Marketing Accountability Standards Board) is a terrific resource for defining marketing terms. Just as generations have gone to Merriam-Webster and Oxford — and more recently Dictionary.com — to help define words, marketers have this resource from MASB to define marketing terms.
the dictionary has 1,800+ cross-referenced marketing terms and definitions and is reviewed and UPDATED MONTHLY. Examples of terms include:
Business-to-Business Advertising: Business-to-business (B2B) advertising is an area of advertising for products, services, resources, materials, and supplies purchased and used by businesses. This area includes:
Brand Preference: One of the indicators of the strength of a brand in the hearts and minds of customers, brand preference or brand choice represents which brands are preferred under assumptions of equality in price and availability.
Brand value: Brand value refers to the price (premium) a consumer is willing to pay for a specific brand, over and above a baseline. For example, “when people are asked in brand value surveys to place a monetary value on a car (the same car is used in the photographs but different badges are superimposed on the bonnet to suggest it is a different brand) the Volkswagen brand is seen to be worth more than that of Ford while the Mercedes brand has a value above both.”
Not to be confused with the terms “brand valuation” or “brand evaluation.” However, note that this term is often used in brand finance to mean the “present value of the estimated future cash flows attributable to the Brand.”
Customer Lifetime Value: Customer lifetime value, lifetime customer value, or user lifetime value is the dollar value of a customer relationship, based on the present value of the projected future cash flows from the customer relationship.
Dating: 1.(Sales Promotion) A type of trade promotion in which the retailer is allowed to buy a certain amount of product from the manufacturer and then pay for that product over a prolonged period of time.
2.(Retailing) The dates on which discounts can be taken or the full invoice amount is due
Digital Media: Digital media includes any online or digital means of transmitting marketing communications. Digital media currently includes—but is not limited to—websites, social networking environments, search engine ads, banner ads, email communications, streaming audio and video, online gaming, and mobile services.
Generic Advertising: Generic advertising is an approach to preparing advertising messages that concentrate on the customer benefits that apply to all brands in a product category, as opposed to benefits that are unique to specific brands
Jingle: A jingle is a short piece of music that is an integral part of the message in a television or radio come Market Share: Market share is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity. In a survey of nearly 200 senior marketing managers, 67 percent responded that they found the “dollar market share” metric very useful, compared to 61% for “unit market share.
” Marketers need to be able to translate sales targets into a market share because this will demonstrate whether forecasts are to be attained by growing with the market or by capturing share from competitors.
The latter will almost always be more difficult to achieve. Market share is closely monitored for signs of change in the competitive landscape, and it frequently drives strategic or tactical action. racial, generally including the advertising theme or slogan.
Net Price: Net price (or pocket price) is the actual price paid for a product by customers after all discounts and allowances have been factored in.
Odd-Even Pricing: Odd-even pricing is a form of psychological pricing that suggests buyers are more sensitive to certain ending digits. Odd price refers to a price ending in an odd number (e.g., 1,3,5,7,9), or to a price just under a round number (e.g., $0.89, $3.99, $44.98). Even price refers to a price ending in a whole number or in tenths (e.g., $0.50, $5.00, $8.10, $75.00).
Return on Investment (ROI): Return on investment (ROI) is one way of considering profits in relation to capital invested. Return on assets (ROA), return on net assets (RONA), return on capital (ROC), and return on invested capital (ROIC) are similar measures with variations on how investment is defined.
Marketing not only influences net profits but also can affect investment levels too. New plants and equipment, inventories, and accounts receivable are three of the main categories of investments that can be affected by marketing decisions. In a survey of nearly 200 senior marketing managers, 77 percent responded that they found the “return on investment” metric very useful.
The purpose of the “return on investment” metric is to measure per-period rates of return on money invested in an economic entity. ROI and related metrics provide a snapshot of profitability adjusted for the size of the investment assets tied up in the enterprise. Marketing decisions have an obvious potential connection to the numerator of ROI (profits), but these same decisions often influence assets usage and capital requirements (for example, receivables and inventories).
Marketers should understand the position of their company and the returns expected. ROI is often compared to expected (or required) rates of return on dollars invested. For a single-period review, divide the return (net profit) by the resources that were committed (investment): Return on investment (%) = Net profit ($) ÷ Investment ($) x 100 %
Screenagers: People in their teens or early twenties who have an aptitude for digital devices and spend a substantial amount of their time on the internet and interacting with social media.
Willingness to Recommend: Willingness to recommend is a metric related to customer satisfaction. When a customer is satisfied with a product, he or she might recommend it to friends, relatives, and colleagues. This willingness to recommend can be a powerful marketing advantage. In a survey of nearly 200 senior marketing managers, 57 percent responded that they found the “willingness to recommend” metric very useful.