Marketing Assignment 1 and 2

JWI 518: Marketing In a Global Environment Assignment 2 : Key Terms and Concepts

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The table below lists major terms and concepts used in Assignment 2, the Marketing Campaign Slide Deck. The key terms and concepts are defined and put into context in relation to their use in this assignment.

Sources: • Kotler, Kartajaya & Setiawan. (2017). Marketing 4.0: Moving from Traditional to Digital. New Jersey: Wiley. • Clemente, Mark N. (2002). The Marketing Glossary. New York: AMACOM

Terms Definitions

SLIDE 2

Key Features Characteristics that go beyond a product’s basic function, helping to define its brand and make it more attractive to customers.

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Marketing Goals Goal formulation is the process of establishing precise points of measurement to pursue corporate objectives. Goals relate to specific levels of magnitude or time. For example, the campaign’s objective may be to increase sales. Its goal, however, would be to increase sales by 10% over the next six months.

SMART Goals For your campaign to benefit your company, you need clearly defined and attainable goals. The acronym SMART reminds you to make your goals Specific, Measurable, Achievable, Relevant, and Time-Bound.

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Target Audience The segment of a population to which advertising and other marketing communications are directed. Target audiences are usually defined in terms of geographic, demographic, or psychographic attributes. Marketers study target audiences and their characteristics in order to devise impactful promotional strategies.

JWI 518: Marketing In a Global Environment Assignment 2 : Key Terms and Concepts

© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 518 – Assignment 2: Key Terms and Concepts (1198) Page 2 of 3

Terms Definitions

Competitors Competitors are other providers who offer a product or service that performs the same or a similar function to yours in a shared marketplace. Competition is the rivalry among product or service providers, all of whom are attempting to increase their sales, profits, or market share.

Differentiation Key characteristics of your product or service that distinguishes it from similar items offered by your competitors. By highlighting these differences, you can attract consumers who are likely to become repeat purchasers and brand advocates.

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Customer Need A product or service offers to provide an item or perform an action that will fulfill some requirement or need in the life of a customer.

Customer Desire A product or service offers to fulfill a customer’s wish, such as their desire to look and feel better, or to achieve some other personal goal, as a result of using the brand.

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Customer Values and Beliefs

Customers are motivated to buy products and services that align with their worldview. This worldview is grounded in a person’s core ethical values and beliefs, deeply rooted traits that marketers should not expect to change.

Brand The combination of symbols, words, or designs that differentiate one company’s product from another company’s product. Customers often develop a relationship with a particular brand that forms the basis for the loyalty and advocacy that digital marketers seek.

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Marketing Story A successful and compelling marketing story uses the key features and history of your brand to appeal to customers and pique their interest.

JWI 518: Marketing In a Global Environment Assignment 2 : Key Terms and Concepts

© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 518 – Assignment 2: Key Terms and Concepts (1198) Page 3 of 3

Terms Definitions

Marketing Messages

Marketing information sent from the marketer to current and prospective consumers, highlighting the key benefits of the product or service, such as quality, economy, value, and performance. Marketing messages must be readily understandable and attractive to the target audience.

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Social Media Electronic media platforms where people can create individual accounts, as well as groups based on shared interests – e.g. Facebook, Twitter, Instagram, Pinterest, YouTube, etc. Individuals and members of social media groups can post and share comments, images, videos, and other electronic information.

Channels Venues and methods for connecting with customers, including print media, radio, TV, blogs, mailings, email, and social media.

Demographic A particular sector or segment of a population, defined by characteristics such as age, sex, race, geographic location, education level, income level, occupation, etc.

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Traditional Channels Radio, TV, billboards, printed newspapers and magazines.

Digital Channels Company websites, social media platforms, online communities, influencers, and product review sites.

Marketing Metrics Ways to measure the success of a marketing campaign or strategy. Traditional measures focus on sales and profits, but Kotler et al. propose some new measures of success, as follows: growth rates for new customers, repeat purchasers, and brand advocates.

Budget Allocation Division of the budgeted amount for a project or campaign into various categories of spending. Allocations may be expressed as dollar amounts or as percentages. See the template for some budget allocation examples.