As you prepare to dive into the world of marketing, gaining a working knowledge of essential marketing terms can give you a valuable head start. These terms form the bedrock of your marketing comprehension and will provide you with the tools you need to engage with marketing concepts from day one. Join us as we unveil common marketing terms that are bound to bolster your confidence and set the stage for your educational voyage.
Here are 10 common marketing terms you may encounter on your first day of class:
Marketing: The process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products and services.
Target Market: The specific group of customers that a company is trying to reach with its marketing efforts.
Segmentation: The process of dividing a market into smaller groups of customers with similar needs or characteristics.
Positioning: The way a company presents its products or services in the minds of customers relative to its competitors.
Branding: The process of creating a unique name, design, and image that identifies and differentiates a company or its products from those of its competitors.
Marketing Mix: The combination of product, price, promotion, and distribution strategies used by a company to market its products or services.
Customer Relationship Management (CRM): The process of managing interactions with customers to build and maintain long-term relationships.
Market Research: The process of gathering and analyzing information about customers, competitors, and market trends to inform marketing decisions.
Call to Action (CTA): A marketing message that encourages customers to take a specific action, such as making a purchase, subscribing to a newsletter, or filling out a form.
Conversion Rate: The percentage of website visitors or other marketing targets who take a desired action, such as making a purchase or filling out a form.