Essential marketing vocabulary 1 | Bangkok Post: learning

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Essential marketing vocabulary 1

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The 4 P's of marketing are: product, price, place and promotion. 

Grocery storeMarketing is defined as the activity of presenting the products a company produces to potential customers in the best possible way in order to make sales.

Essential vocabulary for the 4 P's of marketing are given in the short passage below along with a vocabulary list.

Also note that in today's Bangkok Post, Sasin business school marketing expert Dr. Ian Fenwick (Twitter: @DrIanFenwick) discusses a new revised set of 4P's for digital media (Read article). 

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The 4 P's of marketing


Product means product design and packaging that will attract customers. Making product lines that are different from other companies (product differentiation) to meet the needs of well-defined market segments is essential. Like humans, every product is born, grows old and dies and has a life cycle.

Price means finding a suitable price for the product which depends on the company's market share and how competitive the market is. Luxury goods often sell at a premium far above cost, while stocks of less popular products are often liquidated at heavy discounts in sales.

Place includes distribution or logistics which means getting the product from the factory to the customer through various channels, usually through stores (retailing) or direct sales to customers in their home and increasingly through websites (e-commerce).

Promotion includes all communications to customers. Developing brand awareness among potential customers is critical

Advertising can be on broadcast media such as TV or the radio, or in print media such as newspapers or magazines, as well as roadside billboards.

Public relations departments in companies prepare press releases which are sent to the media in an attempt to get free news coverage for new products. 

Sponsorship deals, exhibitions, conferences, conventions, seminars or trade fairs and other events with presenters as well as plain old word of mouth advertising are also used to promote products.

marketing - the activity of presenting the products a company produces to potential customers in the best possible way in order to make sales (See Wikipedia)
potential - possible
dimensions - the many ways of thinking about, looking at or analyzing a system or situation
media - a way of communicating information and ideas to large numbers of people (examples: TV, newspapers, internet)
digital media - "digital media usually refers to any electronic media that is created and displayed using computer technology, such as digital audio, digital video and anything that you would find online, such as computer games, internet technology, communication (email) & social interaction (Facebook for example)" (See Source and Wikipedia)
revised - to make new, recreate and improve
4P's of marketing - the four dimensions of marketing: product, price, place and promotion, also known as the "marketing mix" (See Wikipedia and essay above)
product design - the process of generating and developing ideas that will lead to new products to meet customer needs (See Wikipedia)
packaging - "the science, art and technology of enclosing or protecting products for distribution, storage, sale, and use" (See Wikipedia on packaging and labeling)
product lines - the range of products with different features a company offers
product differentiation - making your company's product different from similar products (to meet needs of customers so they will buy your product and not your competitor's product) (See Wikipedia)
well-defined - shown and explained clearly
market segment -
groups of customers with similar needs (for example, young unmarried people need different products than retired people; See Wikipedia and glossary)
life cycle -
product life cycle, the different stages a product goes through during its life and the marketing problems that each of these stages presents (See Wikipedia)
market share - the percentage of customers in a market that a company has
compete -
the activity of companies competing for customers and trying to become more successful than each other การแข่งขัน
competitive market a market which has a lot of competition (between companies selling products in the market)
luxury goods -
the high quality expensive goods that people tend to buy when they get richer (See Wikipedia)
premium - an additional amount beyond the normal price
liquidated - sold to generate cash
discount - reduction in the price of good being sold การลดราคา
distribution
 - the process of getting a company's products to the customer การจัดจำหน่าย
logistics - the management of the flow of goods, information and other resources, including energy and people, between the point of origin and the point of consumption in order to meet the requirements of consumers, the integration of information, transportation, inventory, warehousing, material-handling, and packaging, military logistics, moving goods for warfare was the original kind of logistics (See Wikipedia and previous article)
channels - distribution channels, ways that a company makes products available to customers (through stores, internet, door-to-door)  ช่องทางการจัดจำหน่ายสินค้า
retailing -
the sale of goods from a fixed location such as a department store or convenience store (See Wikipedia)
direct sales -
when an ad asks you to do something like: call a free phone number, visit a website, return a response card, place an order, complete a survey, started with catalogs that people ordered things through the mail (mail-order catalog, direct sales via the mail) (See Wikipedia on direct marketing)
e-commerce -
buying and selling goods and services over the internet (See Wikipedia)
communication -
the process of giving or sending information to people (via writing, photos, pictures, etc)
brand -
a type of product made by a particular company ตรา, ยี่ห้อ
brand awareness
- whether consumers know that a brand exists, whether consumers think of the brand quickly and easily ความคุ้นชินกับสินค้าแบรนด์ต่างๆ
critical
- very important and essential
content - the subject, ideas and story inside a written article or a TV show เนื้อหา
broadcast media - the distribution of audio and video content to an audience via radio, television, the internet, or other media (See Wikipedia)
print media
- publications that use paper and ink which includes newspapers, magazines, academic journals, telephone directories, brochures, and catalogs
billboard - a very large sign by the side of the road or on a building with an easy to see advertisement on it (See Wikipedia)
public relations - the activity of building the reputation and positive public image of a company, organization or high profile individual such as a singer, actor or politician (See Wikipedia)
press release
- articles (official statements, reports) about a new product or recent achivement that a company or organization gives to  journalists with the hope that they will use it to publish a free article (thus getting free publicity)
publicity - when an issue or person gets attention and coverage (articles) about them in a newspaper, magazine or TV
news coverage - how much time and attention is given to a news story or event on TV, radio or newspapers
sponsorship - money given to help pay for an event (See Wikipedia on sponsoring sports events)
exhibition -
an event where different companies show their products to other companies or to the general public งานแสดง
conference -
a large meeting for a few days where people with the same work or interests (especially professors in the same subject) come together and share ideas (See Wikipedia on academic conferences and business conferences)
convention -
a large formal meeting of people who do a particular job or have a similar interest การประชุม
trade fair - an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products, service, study activities of rivals and examine recent trends and opportunities, trade fair  (See Wikipedia)
a presenter - a person who displays a product to the public, often acting like a model พรีเซนเตอร์
word of mouth - when people tell their friends, family and co-workers about products they like, a free form of advertising (See Wikipedia)

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