Jargon buster
Business jargon is an ever-evolving medium and it seems that as soon as you learn one set of jargon or acronyms, another load come along - often from consultants like ourselves but also from academia, the media and society at large.
As part of our straight-talking approach, we decided to include an area on our site which gives simple definitions of some of the currently popular business words and phrases. Please let us know of any others which you've come across which you would either like us to share on our site or for which you would like a plain-English definition.
Please email any questions or comments to info@pxc-consultants.com
Brand
A name, term, sign, symbol or design (or combination of these) which identifies the goods or services of a company or the company itself and which differentiates them from those of competitors.
Brand mark
The element of a brand that cannot be spoken, eg a symbol or design.
Brand name
The part of a brand that can be spoken.
Brand positioning
Creating a desirable, distinctive and believable image for a brand in the minds of the target customers.
Competitive advantage
Gaining an advantage over competitors by offering greater value to customers.
Copy
The verbal part of a promotional item such as an advertisement or brochure (ie, the words).
CRM
Customer relationship marketing. The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer lifetime value
The value of the total purchases a customer would make over a lifetime of patronage.
Customer relationship marketing (CRM)
The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Differential advantage
A product, service or brand attribute that is desired by the target customer and only provided by one supplier.
Environmental scanning
The process of collecting information about the market environment in order to inform marketing strategy and planning.
Market development
Identifying and developing new market segments for existing company products.
Market positioning
Arranging for a product to have a clear, distinctive and desirable place in the minds of target customers in relation to competing products.
Market segmentation
Grouping the market into distinct groups of buyers with distinct needs, characteristics or behaviours who may require separate products or marketing approaches.
Marketing
The process of creating value for customers and building strong customer relationships in order to receive value from customers in return.
Marketing mix
A set of controllable, tactical marketing tools - product, price, place (distribution), promotion and people.
Marketing strategy
The process of selecting which marketing opportunities to pursue, analysing the target markets and developing and delivering the market mix which will satisfy the needs of people in the target markets.
MBA
Master of Business Administration. An advanced post-graduate degree in business studies.
Opportunity cost
The value of the benefit that is given up when selecting one alternative instead of another.
Positioning
Creating an image for a product or service in the minds of target customers.
Positioning statement
A summary of a product's or brand's desired stature which is plausible, memorable and image-enhancing.
Product development
Developing modified or new products for existing market segments.
SME
Defined by HMRC as a company that is a small or medium-sized company which is not a member of a large group and which has less than 250 employees and either a maximum turnover of €40m or a balance sheet total of up to €27m.
Strategic planning
The process of developing and maintaining a strategic fit between a company's overall goals and capabilities and the changing marketing opportunities.
Strategic window
A temporary period when the key requirements of a market and the particular capabilities of a company competing in that market have an optimum fit. Usually occurs when major developments or opportunities occur in the marketing environment.
SWOT analysis
The examination of a company's strengths and weaknesses, opportunities and threats.
Trademark
A legal designation indicating that the owner has exclusive use of a brand.
Value chain
All company segments which carry out value-creating activities to design, produce, market, deliver and support a company's products.
Value proposition
The set of benefits or values a company promises to deliver to customers to satisfy their needs. You can have more than one value proposition but at least one needs to be relevant and meaningful to the customer and all need to be sustainable over time and differentiated from your competitors. Products and services can be part of your proposition but propositions can also involve elements such as good value, product excellence, best quality, innovation and global prestige.
Viral marketing
The internet version of word-of-mouth marketing - e-mail messages or marketing events which customers pass on to friends.
“Incomprehensible jargon is the hallmark of a profession.”
Kingman Brewster
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