M.B.A.

EXECUTIVE & PROFESSIONAL MARKETING SHORT HAND DATA BASE

MARKETING: DEFINATION: - The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. MARKETING MIX: The mix of controllable variables that the firm/library uses to reach desired use/sales level in target market, including price, product, place and promotion- 4 Ps. For a library this would be embodied in price of users time to access goods, a product would be a book or story time, place is a branch or book mobile, and promotion is publicity, displays etc. advertising The placement and purchase of announcements and persuasive messages in time or space in any of the mass media by business firms, nonprofit organizations. This has not been a traditional method for libraries of informing the public, but rather public service announcements, which are placed at no cost, are the norm.
Advertising Advertising is any paid form of non-personal presentation and promotion of ideas, goods and services through mass media such as newspapers, magazines, television or radio by an identified sponsor. Ambush marketing A deliberate attempt by a business or brand to associate itself with an event (often a sporting event) in order to gain some of the benefits associated with being an official sponsor without incurring the costs of sponsorship. For example by advertising during television coverage of the event. Benchmarking The process of comparing the products and services of a business against those of competitors in a market, or leading businesses in other markets, in order to find ways of improving quality and performance Brand A brand is the specific type of the product form. A brand represented by a brand name, symbol, design, logo, packaging is the identity of a particular product form that customers recognise as being different from others. Brand building Developing a brand's image and standing with a view to creating long term benefits for brand awareness and brand value Brand equity Brand equity refers to the value of a brand. Brand equity is based on the extent to which the brand has high brand loyalty, name awareness, perceived quality and strong product associations. Brand equity also includes other intangible assets such as patents, trademarks and channel relationships. Brand extension Brand extension refers to the use of a successful brand name to launch a new or modified product in a new market. Virgin is perhaps the best example of how brand extension can be applied into quite diverse and distinct markets. Brand image Brand image refers to the set of beliefs that customers hold about a particular brand. These are important to develop well since a negative brand image can be very difficult to shake off. Brand loyalty A strongly motivated and long standing decision to purchase a particular

product or service Brand recognition A customer's awareness that a brand exists and is an alternative to Purchase Distribution channel The network of organisations necessary to distribute goods or services from the manufacturers to the consumers; the distribution channel therefore potentially consists of manufacturers, distributors, wholesalers, and retailers. Fast-moving consumer goods Fast-moving consumer goods are those that sell in high volumes, with low unit value, and have fast consumer repurchase. Good examples include ready meals, baked beans, newspapers etc

channel of distribution An organized network of agencies and institutions which in combination perform all the functions required to link producers with end customers to accomplish the marketing task. For a library this would include vendors, publishers as well as library facilities. direct marketing Marketing efforts, in total directed toward a specific targeted group--direct selling, direct mail, catalog or cable--for soliciting a response from customer. A library may mail a library registration card to every new mother in the hospital.

market - The set of actual or potential users/customers. (Kotler)

market development Expanding the total market served by 1) entering new segments, 2) converting nonusers, 3) increasing use by present users. market positioning Positioning refers to the users perceptions of the place a product or brand occupies in a market segment. Or how the company/librarys offering is differentiated from the competitions. For a library a competitor may be another public agency competing for public funds. What unique niche does the library serve when competing against police for same $$ market segmentation The process of subdividing a market into distinct subsets of users that behave in the same way or have similar needs. Segments for the library could be demographic (Asian); geographic (branch-level); psychographics (leisure-oriented); customer size (largest user group area); benefits (have children in the home learning to read.) marketing plan A document composed of an analysis of the current marketing situation, opportunities and threats, analysis, marketing objectives, marketing strategy, action programs, and projected income statement. This could be very similar to a librarys long range plan.

product life cycle The four stages products go through from birth to death: introductory, growth, maturity, and decline. product mix The full set of products offered by an organization e.g., books, videos, storyhours, etc. product positioning The way users/consumers view competitive brands or types of products. This can be manipulated by the organization/library. The librarys video collection, available for free, is competitive with local video stores that charge, if video collections are comparable. If the

collections are not, the library is differentiating the video collection from the video store.
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promotion mix The various communication techniques such as advertising, personal selling, sales promotion, and public relations/ product publicity available to the marketer to achieve specific goals. A library may use a combination of newspaper editorial, public service announcements (PSAs) on radio and possible television, if no budget is available for advertising. situation analysis (SWOT) An examination of the internal factors of a library to identify strengths and weaknesses, and the external environment to identify opportunities and threats. strategic market planning The planning process that yields decisions in how a business unit can best compete in the markets it elects to serve. The strategic plan is based upon the totality of the marketing process. target market The particular segment of a total population on which the retailer focuses its merchandising expertise to satisfy that sub market in order to accomplish its profit objectives. Or for the library, a target market might be within the market area served, children 5-8 years old, for summer reading programs, to increase juvenile use and registration, target market identification The process of using income, demographic, and life style characteristics of a market and census information for small areas to identify the most favorable locations.
Impulse buying Behaviour that involves no conscious planning but results from a powerful, persistent urge to buy something immediately Internal marketing The process of eliciting support for a company and its activities among its own employees, in order to encourage them to promote its goals. This process can happen at a number of levels, from increasing awareness of individual products or marketing campaigns, to explaining overall business strategy.
Market A market is the demand for a particular product or service, often measured by sales during a specified period. Market positioning A marketing strategy that will position a business products and services against those of its competitors in the minds of consumers. To achieve positioning success it is suggested that there are four basic competitive strategies that a company can follow (based on work by Porter): - Cost leadership - the company tries to achieve lowest costs of production and distribution - Differentiation - making use of specific marketing mixes - Focus - paying attention to a few market segments The fourth strategy is a losing strategy in which a business pursues a middle-of-the-road path. Businesses that try to be good at everything are rarely particularly good at anything. Market segment A customer group within the market that has special characteristics which are significant to marketing strategy Market segmentation Segmentation involves subdividing markets, channels or customers into

groups with different needs, to deliver tailored propositions which meet these needs as precisely as possible. Marketing The all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time

Niche marketing Niche marketing refers to the exploitation of comparatively small market segments by businesses that decide to concentrate their efforts. Niche segments exist in nearly all markets for example the self-build sports car segment of the motor industry
Product life cycle The course of a product's sales and profitability over its lifetime. The model describes five stages, each of which represents a different opportunity for the marketer: - Development - Introduction - Growth - Maturity - Decline Product mix The set of all product lines and items that a particular business offers for sale to buyers Promotion One of the four Ps of the marketing mix. Promotion is all about businesses communicating with customers Promotional mix The promotional mix consists of a blend of five main kinds ofpromotional tools: advertising; direct marketing; personal selling; sales promotion and public relations Sales promotion Sales promotion refers to any activity designed to boost the sales of a product or service. It may include an advertising campaign, increased PR activity, a free-sample campaign, offering free gifts or trading stamps, arranging demonstrations or exhibitions, setting up competitions with attractive prizes, temporary price reductions, doortodoor calling, telephone-selling, personal letters on other methods.