Definition of 'Marketing'
The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion.
Definition of 'Kiosk'
A small, temporary, standalone booth used in high-foot-traffic areas for marketing purposes. A kiosk will usually be manned by one or two individuals who help attract attention to the booth to get new customers.
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The car dealership may send regular email messages and offers through the mail to keep the customer's interest in the brand.
Also called a "replacement sale."
Investopedia explains 'Repeat Sales'
A key tenet in garnering repeat sales is to take better care of customers than the competition. Many books have been written and websites have been developed to teach salespersons how to secure repeat sales. Either as an individual salesperson relying on commissions and incentives, or as a corporation looking to increase profits, making repeat sales is an important task. Studies show that it costs companies more money to attract new customers than to bring back existing customers because of the costs of advertising and marketing.
Definition of 'The Conference Board'
A not-for-profit research organization for businesses that distributes information about management and the marketplace. It is a widely quoted private source of business intelligence.
Investopedia explains 'The Conference Board'
The Conference Board connects some 2,000 companies via forums and peer-to-peer meetings to discuss what matters to companies today: issues such as top-line growth in a shifting economic environment and corporate governance standards. However, the Conference Board is best known for it's widely followed economic indicators, particularly the Consumer Confidence Index.
efinition of 'Value Proposition'
A business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings.
Investopedia explains 'Value Proposition'
Companies use this statement to target customers who will benefit most from using the company's products, and this helps maintain an economic moat. The ideal value proposition is concise and appeals to the customer's strongest decision-making drivers. Companies pay a high price when customers lose sight of the company's value proposition.
efinition of 'Market Segmentation'
A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another. Generally three criteria can be used to identify different market segments:
1) Homogeneity (common needs within segment)
2) Distinction (unique from other groups)
3) Reaction (similar response to market)
Investopedia explains 'Market Segmentation'
For example, an athletic footwear company might have market segments for basketball players and long-distance runners. As distinct groups, basketball players and long-distance runners will respond to very different advertisements.