Product/Service Management
The process of developing and maintaining a product to meet customer needs.
Product Management
Paid, non-personal communication used to reach a mass audience.
Advertising
The value placed on a product or service that customers pay.
Price
The total experience a customer has with a company.
Customer Experience (CX)
A detailed roadmap outlining how a company will reach its marketing goals.
Marketing Plan
The complete set of products offered by a business.
Product Mix
Short-term incentives used to encourage immediate purchase.
Sales Promotion
Pricing below competitors to gain market share quickly.
Penetration Pricing
The process of identifying and resolving customer concerns effectively.
Customer Service
Collecting and analyzing information about consumers, competitors, and trends.
Market Research
Adjusting an existing product to appeal to a new market.
Product Modification
A combination of marketing communication tools that a company uses to promote products/services
Promotional mix
Setting prices based on perceived value rather than cost.
Value-Based Pricing
Technology systems used to manage and analyze customer interactions.
A measurable result used to evaluate marketing effectiveness.
Key Performance Indicator (KPI)
The stage in a product’s lifespan (introduction, growth, maturity, decline.)
Product Life Cycle
Coordinating all promotional tools to deliver a consistent brand message.
Integrated Marketing Communications (IMC)
Pricing of goods or services at such a low level that other suppliers cannot compete
Predatory Pricing
Listening, responding, and adapting communication to customer feedback.
Active Listening
Setting apart a product or company from competitors in the customer’s mind
Differentiation
The unique feature or benefit that sets a product apart from competitors.
Unique Selling Proposition
Using influencers or communities to spread marketing messages organically.
Buzz Marketing
The percentage difference between cost and selling price
Markup
Turning satisfied customers into repeat buyers and advocates.
Customer Retention
Estimating future market trends to plan strategic actions.
Sales Forecasting