Marketing in the 21st Century
Marketing in the 21st Century

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Marketing in the 21st Century

Glossary

Brand
A name term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers.
Brand associations
Marketers try to attach positive and strong associations to the brand, such as lifestyle and personality.
Brand awareness
The consumer's ability to identify a manufacturer's or retailer's brand in sufficient detail to distinguish it from other brands.
Brand equity
The marketing and financial value associated with a brand's strength in a market, which is a function of the goodwill and positive brand recognition built up over time, underpinning the brand's sales volumes and financial returns.
Brand image
The perception of a brand in the minds of persons. The brand image is a mirror reflection (though perhaps inaccurate) of the brand personality or product being. It is what people believe about a brand-their thoughts, feelings, expectations.
Brand loyalty
A strongly motivated and long-standing decision to purchase a particular product or service.
Brand preference
One of the indicators of the strength of a brand in the hearts and minds of customers, brand preference represents which brands are preferred under assumptions of equality in price and availability.
Competitive advantage
The achievement of superior performance vis-à-vis rivals, through differentiation to create distinctive product appeal or brand identity; through providing customer value and achieving the lowest delivered cost; or by focusing on narrowly scoped product categories or market niches so as to be viewed as a leading specialist.
Consumer
Traditionally, the ultimate user or consumer of goods, ideas, and services. However, the term also is used to imply the buyer or decision maker as well as the ultimate consumer. A mother buying cereal for consumption by a small child is often called the consumer although she may not be the ultimate user.
Exchange
The act of giving a one thing in exchange for another. In marketing this typically represents a product being exchanged for money.
External environment
A range of conditions, events and occurrences that are outside of the organisation, and often outside of their control. For example, a country's economic performance is likely to affect the trading conditions of the organisation.
Internal marketing
Internal marketing views an organisation’s employees and their positions as customers and internal products.
Marketing opportunities
A previously unidentified demand, need or want within the market that the organisation can exploit before its competitors do so.
Marketing orientation
A marketing-oriented organisation devotes resources to understanding the needs and buying behaviour of customers, competitors’ activities and strategies, and of market trends and external forces – now and as they may shape up in the future; inter functional coordination ensures that the organisation’s activities and capabilities are aligned to this marketing intelligence.
Perceived quality
Quality level is an association that consumers attach to a brand.
Perceived quality
Quality level is an association that consumers attach to a brand.
Product
A bundle of attributes (features, functions, benefits, and uses) capable of exchange or use; usually a mix of tangible and intangible forms. Thus a product may be an idea, a physical entity (a good), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organisational objectives.
Proprietary brand assets
Include: patents, channel relationships and trademarks that are attached to the brand, and are usually legally protected.
Trademark
Legal designation indicating that the owner has exclusive use of a brand.
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