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DEFINITION OF MARKETING A - C

GLOSSARY OF TERMS

The following is a list of common marketingterms and their definitions.

A
Acquisition costs
The incremental costs in-volved in obtaining a newcustomer.
Advertising opportunity
A product or service may gen-erate additional revenuethrough advertising if thereis benefit from creating addi-tional awareness, communi-cating differentiating at-tributes, hidden qualities orbenefits. Optimizing the op-portunity may involve lever-aging emotional buying mo-tives and potential benefits.
Agent
A business entity that nego-tiates, purchases, and/or sells,but does not take title to thegoods

B.
Brand
A name, term, sign, symbol, design, or a combinationof all used to uniquely identify a producer’s goods andservices and differentiate them from competitors.
Brand equity
The added value a brand name identity brings to aproduct or service beyond the functional benefits pro-vided.
Brand extension strategy
The practice of using a current brand name to enter anew or different product class.
Brand identity
Positions customer’s relative perceptions of one brandto other competitive alternatives.
Break-even analysis
The unit or dollar sales volume where an organization’srevenues equal expenses and results in neither profitnor loss.
Broker
An independent intermediary that serves as a go-between for the buyer or seller.
Bundling
The practice of marketing two or more product orservice items in a single package with one price.
Business mission
A brief description of an organization’s purpose withreference to its customers, products or services, mar-kets, philosophy, and technology.

C
CAGR
Compound average growth rate; commonly used tocalculate past, or project future growth rates.
Cannibalization
The undesirable trade-off where sales of a new productor service decrease sales from existing products orservices and detract from the increased potential rev-enue contribution of the organization.
Channel conflicts
A situation where one or more channel membersbelieve another channel member is engaged in behav-ior that is preventing it from achieving its goals.Chan-nel conflict most often relates to pricing issues.
Channels of distribution
The system where customers are provided access to anorganization’s products or services.
Co-branding
The pairing of two manufacturer’s brand names on asingle product or service.
Commission
The compensation paid to the person or entity basedon the sale of a product; commonly calculated on apercentage basis.
Competitive advantage
The strategic development where customers will choosea firm’s product or service over its competitors basedon significantly more favorable perceptions or offer-ings.
Competitive analysis
Analyzing and assessing the comparative strengthsand weaknesses of competitors; may include theircurrent and potential product and service develop-ment and marketing strategies.
Concentrated target marketing
A process that occurs when a single target marketsegment is pursued.
Contribution
The difference between total sales revenue and totalvariable costs, or, on a per-unit basis, the differencebetween unit selling and the unit variable cost and maybe expressed in percentage terms (contribution mar-gin) or dollar terms (contribution per unit).
Contribution margin
Gross margin less sales and marketing expenses.
Core marketing strategy
A statement that communicates the predominant rea-son to buy a specific target market.
Cost of goods sold
Expenses associated with materials, labor, and factoryoverhead applied directly to production.
Cross elasticity of demand
The change in the quantity demanded of one productor service impacting the change in demand for anotherproduct or service.

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