17 Basic Concepts Every Marketer Should Know
Marketing is full of different terms and acronyms. As the discipline becomes more and more intertwined with technology, the list keeps on increasing making it hard for us to keep up with the “marketing lingo”. Below are a few acronyms and buzz words every marketer should understand and feel comfortable using.
Below is a small compilation feel free to add more content to this list on the comments section.
Basic Marketing Concepts
These are the basic words every marketer should feel comfortable defining and using. Regardless of the type of marketing strategy these concepts are always relevant to any marketer.
Marketing Mix: or the famous 4 Ps: Price, Place, Product and Promotion.
Market: a group of potential buyers. (very narrow Marketing -specific definition).
Consumer: the person who consumes the product or service.
Target Market: the group of consumers a business desires to have as customers.
Goods: products which are tangible items that satisfies the customer’s needs and wants.
Services: products which are intangible items that satisfy a customer’s needs and wants.
Competitive Advantage: the advantage a particular business has over its competitors.
Online Marketing Concepts
In the last decade Marketing has greatly benefited from new internet technologies; paving the way for what we now know as “online marketing”. To remain relevant, modern marketers must have a firm grasp on the basic concepts relating to online marketing. Below are a few basic online marketing terms every marketer should be familiar with.
CRM: the acronym for Customer Relationship Management. CRM refers to the processes and technologies which businesses use to manage their contact and relationships with their client base. Learn more about CRM.
Keywords: these are the main words a searcher would use when conducting an online query. Keywords are a basic method for flagging a website's relevance to the search engines. Marketers can strategically insert keywords on specific pages on the website to increase search engine listing success.
Landing Page: a page on a website visitors reach after clicking on a link. Landing pages are often used as registration pages for events, webinars, newsletters etc.
Metrics: measurements used to review the performance of some aspect of the business. For example Return on Investment ROI (see below).
Pay Per Click (PPC) : an online advertising payment model in which payment is based solely on qualifying click-through. The size of the payment is usually determined by bidding on keywords. For example Google AdWords.
Return on Investment (ROI): a financial performance measurement used to compare the money earned in relation to an investment. Recently it has been widely used by marketers to measure and analyze what promotional tactics are more effective.
Search Engine Optimization (SEO): the marketing technique of optimizing a website to increase its chances of being ranked in the top results of a search engine. Many factors are important for SEO, including content, structure, meta tags, keywords, etc.
Social Media: the online tools and platforms that allow users to interact and communicate on the internet by sharing content on social networks . Popular social media platforms include Facebook, Twitter, LinkedIn, etc.
Value Proposition Statement: a written statement conveying the essential features of the brand and what it stands for. In other words, it provides a blueprint for the marketing and development of a brand.
Viral Marketing: A method of product promotion that relies on electronic Word- of- Mouth. Viral marketing induces users to pass on a marketing message to other users.
This list is merely the tip of the iceberg please help us by adding more marketing concepts on the comments section below.