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.