FREQUENTLY ASKED QUESTIONSA glossary of marketing terms
Welcome to our marketing FAQ section. There’s something new in the world of marketing, almost every day. We try to record much of it here. It’s a quick glossary of marketing terms and answers to those commonly asked questions about marketing.
What is a marketing strategy?
A marketing strategy is a long-term direction that an organisation’s marketing will take. It provides focus and a consistent approach to all marketing undertaken. It also provides a coordination between all marketing areas in order to achieve business goals. Setting a marketing strategy involves making major decisions that define the organisation’s core competencies and the basis for creating sustainable competitive advantage.
What is a pricing strategy?
What is a mission statement?
What is a SWOT analysis?
What will a PEST analysis tell me?
What does the Boston Matrix do?
The Boston Matrix helps you to decide which parts of your business to invest in by examining available opportunities and analysing how each part of your business is performing.
What are Porter’s 5 forces?
This planning tool examines the 5 forces that determine competitive power, supplier power, buyer power, competitive rivalry, threat of substitution and threat of new entry. This enables you to understand both the strength of current competitive position and any position you are looking to move into.
What are Porter’s Generic Strategies?
Strategies that gain competitive advantage – cost leadership, cost focus, differentiation and differentiation focus.
What does customer segmentation mean?
Customer segmentation is the process of identifying and evaluating customer groups that have different distinctive buying behaviour.
What is a marketing audit?
The marketing audit is a review of your existing marketing activities. It provides the opportunity to review and appraise your whole marketing activity, enabling you to assess past and present performance as well as to provide the basis for evaluating possible future courses of action.
What is lead nurturing?
Lead nurturing is the process of building relationships with qualified prospects regardless of their timing to buy, with the goal of earning their business when they are ready (Source: Marketo).
What is a buyer persona?
A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers (Source: Hubspot).
What is social listening?
Social listening is the process of monitoring digital media channels to devise a strategy that will better influence consumers (Source: Trackmaven.com).
What is a branded niche or vertical community?
Vertical community – in business, a hierarchical supply chain of organisations that buy and sell within a business sector; a many-to-many relationship (Source: Dictionary.com).
What is a marketing plan?
What are marketing objectives?
What is the marketing mix?
What does integrated communications mean?
What is SEM?
Search Engine Marketing (SEM) is a form of online marketing that involves both paid search and organic search tactics. The aim of SEM is promoting a website by increasing its visibility in search engine results pages (SERPs) through optimisation and advertising. SEM may use search engine optimisation (SEO), that adjusts or rewrites website content to achieve a higher ranking in search engine results pages or use pay-per-click advertising.
What is PPC?
PPC (Pay per click) is an internet advertising model used to direct traffic to websites, in which advertisers pay the publisher (typically a website owner) when the ad is clicked. It is defined simply as “The amount spent to get an advertisement clicked.”
What is social media?
What is social media networking?
Websites and applications that enable users to create and share content or to participate in social networking (Source: Oxford Dictionaries).
What is thought leadership?
Thought leadership is becoming an authority on the main issues of your target audience. Communicating your thought leadership allows you to start a conversation with your market and for them to get to know and respect you.
What is relationship marketing?
Relationship marketing involves developing marketing relationships, working with partners in the marketplace to gain mutual advantage.
What is direct marketing?
Direct marketing is any marketing channel that contacts potential customers directly. Examples include telephone marketing and mailings.
What is Mobile Marketing?
Marketing on or with a mobile device, such as a cell phone (Source: Mashable).
What is Video Marketing?
What is Location-based marketing?
What is content marketing?
Content marketing is the marketing and business process for creating and distributing relevant and valuable content to attract, acquire, and engage a clearly defined and understood target audience – with the objective of driving profitable customer action (Source: Content Marketing Institute).
What is Conversion Rate Optimisation (CRO)?
What is a Podcast?
A digital audio or video file or recording, usually part of a themed series, that can be downloaded from a website to a media player or computer (Source: Dictionary.com).
What is Web Content Management (WCM)?
What is Micro-targetting?
What is Wearable Technology?
What is Social Sharing?
The practice of sharing content from a website on a social media site or application (Source: Oxford Dictionaries).
What is Social CRM?
What is search marketing?
Search marketing is the process of gaining traffic and visibility from search engines through both paid and unpaid efforts (Source: Search Engine Land).
What is SEO?
Short for search engine optimization, the process of increasing the number of visitors to a Web site by achieving high rank in the search results of a search engine (Source: Moz).
What are online communities?
A network of people who communicate with one another and with an organisation through interactive tools such as e-mail, discussion boards and chat systems (Source: Business Dictionary).
What is a collaborative economy?
What is marketing automation?
Marketing automation refers to software platforms and technologies designed for marketing departments and organisations to more effectively market on multiple channels online (such as email, social media, websites, etc.) and automate repetitive tasks (Source: Wikipedia).
What is Customer Experience Management?
Customer experience management (CEM) is the collection of processes a company uses to track, oversee and organise every interaction between a customer and the organisation throughout the customer lifecycle (Source: Tech Target).
What is cognitive computing?
Cognitive computing is the simulation of human thought processes in a computerised model (Source: Whatis.com).
What is web personalisation?
Web personalisation is tailoring the presentation of a website’s content to match a specific user’s instructions or preferences (Source: Business Directory).
Control & Evaluation
What are KPIs?
Key Performance Indicators – these are the agreed measurements of success upon which your marketing activity will be measured.
What is ROI?
Return on investment – how much will you gain from your marketing spend. Essential when judging the whole of your marketing activity but also useful when deciding on different elements of the marketing mix – will I get a good return on this investment?
What is Big Data?
A buzzword, or catch-phrase, used to describe a massive volume of both structured and unstructured data that is so large that it’s difficult to process using traditional database and software techniques (Source: Webopedia).
What is Social Media Monitoring?
Social media monitoring is the active monitoring of social media channels for information about a company or organisation (Source: Financial Times).