Glossary of Marketing

Half of the problem for marketers is the waffle that they speak - buzzwords and phrases that mean little to anybody else. We believe in plain talking - but if you want to know what a buzzword means, here are a few to start with (please click on any you want to know more about): 



Above the Line

There used to be two classes of communication, divided by a line. This separated how agencies would make commission.

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AIDA

A customer passes through four stages before purchasing a product (or service)

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Ansoff Matrix

Providing strategic options is a role of the marketing plan, but how does the marketing team come up with bright ideas?

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Below The Line

There used to be two classes of communication, divided by a line. This separated how agencies would make commission. The sayings Above The Line and Below The Line remain however.

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CRM

Customer Relationship Management embodies all communication that an organisation has with its customers - including sales and service.

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DMU

Buying decisions are rarely made by one person in an organisation. Effective selling must identify how the group of people who make a decision to buy, the DMU, is comprised.

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FMCG

Fast Moving Consumer Goods are those that are produced and bought in large numbers. Typically they are low-cost, high-volume items that consumers buy on a regular basis.

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Internal Environmental Analysis

During the marketing planning process, an audit must be carried out. Before an organisation can decide where it wants to go and how it wants to get there, it must first know where it is.

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Just in Time

A revolutionary stock management system that aims to minimise stock held in the business. By getting stock where it is needed Just In Time, extra cashflow is available for the organisation.

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Product Life Cycle

Effective marketing can elongate any of the four stages that a product passes through. However, decisions must be made what to do with the product before it begins to decline.

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SMART Objectives

When setting objectives in a marketing plan (or indeed anywhere) it is essential that they are SMART

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SWOT Analysis

The Strengths, Weaknesses, Opportunities, Threats (SWOT) Analysis is one of the most commonly misunderstood marketing tools. It is actually little more than a visual representation of the marketing audit process.

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