Retail
When the company converts the potential customer into an official sale; that is, when the potential customer becomes a customer.
Closure
The process of finding patterns and anomalies (irregularities) in data to predict outcomes.
data mining
Refers to the actions a company takes to continue its relationship with its customers, to keep and maintain repeat customers, and to reduce churn.
Customer Retention
Items that don’t wear out quickly; they last a long time (i.e three years as a rule of thumb), like trains, planes and cars, tvs, smartphones, and soccer balls.
Durable Goods
Result of physical elements associated with a service.
Physical Evidence
Items that are quickly consumed; they only last a short period of time, like fast food, coffee, shampoo, and deodorant.
Non-durable Goods
A company’s game plan for reaching its target market, converting it to customers, and meeting company goals.
Marketing Strategy
The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole.
Marketing
A specific procedure or action used to support strategy, in order to achieve goals and objectives.
Tactic
A technology system for managing all company interactions with current and potential customers.
Customer Relationship Management (CRM) System
The percentage of customers that stopped buying your product during a certain period of time.
Customer Churn
To analyze and identify the needs and wants of customers, build products, solutions and strategies to satisfy those needs and wants, better and more effectively than its competitors, and to achieve the goals of the organization itself.
Marketing Concept
Letting customers know that a product or service exists and the with an expected result of using it.
Promotion
The physical item/good or service a company sells.
Product
Informing potential customers that a product or service exists, and the results they should expect from using it.
Promotion
One in which businesses are privately owned and run by people rather than the government.
Private Enterprise System
A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in its price.
Elasticity
A specific written document that outlines objectives, actions, and timelines of how to attract target market customers to the business.
Marketing Plan
The amount of money a business thinks it should charge for its product or service.
Price
The electronic storage of large amounts of company information.
data warehousing
A combination of components used together in order to strengthen a product’s brand and to help sell the product or service; most commonly the components are the 4P's – Product, Price, Place and Promotion.
Marketing Mix
More specific than a goal, an objective is a specific result to be achieved within a time frame and with available resources.
Objective
A stated, observable and measurable end result to be achieved within a certain timeframe.
Goal
A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.
Commodity
Place, or placement, is where a company's target customers can buy its product, and how the company gets the product to that place/s.
Place