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Small Business Encyclopedia

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Category: Marketing

Competition

Definition: Rivalry in business, as for customers or markets

Competitive Analysis

Definition: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service

Competitive Intelligence

Definition: The process of gathering actionable information on your business's competitive environment

Competitive Matrix

Definition: A chart that compares your product or service to your competitor(s)

Affiliate Marketing

Definition: A way for a company to sell its products by signing up individuals or companies ("affiliates") who market the company's products for a commission

Focus Group

Definition: A controlled group interview of a target audience demographic, often led by a facilitator. A set series of questions or topics are covered, and the results are used to guide marketing efforts.

Guerrilla Marketing

Definition: An unconventional way of performing marketing activities on a very low budget

Image

Definition: The perception people have of your business when they hear your company name. A business's image is composed of an infinite variety of facts, events, personal histories, advertising and goals that work together to make an impression on the public.

Branding

Definition: The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products

Business Card

Definition: A small card identifying a person in connection with his or her business, given to a client, potential customer, etc.

E-Mail Marketing

Definition: Marketing via e-mail, usually through the use of sales letters or customer newsletters

Positioning

Definition: How you differentiate your product or service from that of your competitors and then determine which market niche to fill

Logo

Definition: A recognizable graphic design element, often including a name, symbol or trademark, representing an organization or product

Primary Market Research

Definition: Iinformation that comes directly from the source--that is, potential customers. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods.

Mailing List

Definition: A collection of names and addresses used by a company to send material to multiple recipients. On the internet, mailing lists include each person's e-mail address rather than a postal address.

Marketing Campaign

Definition: A specific, defined series of activities used in marketing a new or changed product or service, or in using new marketing channels and methods

Marketing Materials

Definition: The printed pieces, such as brochures, letterhead and business cards, you'll use to market your business

Marketing Plan

Definition: The written document that describes your advertising and marketing efforts for the coming year; it includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix you intend to use to reach your marketing goals

Telemarketing

Definition: Use of the telephone to market goods or services directly to prospective customers

Niche Marketing

Definition: A portion of a market that you've identified as having some special characteristic and that's worth marketing to

Secondary Market Research

Definition: Market research that's already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

Slogan

Definition: A catch phrase or small group of words that are combined in a special way to identify a product or company

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