Marketing terms: basic concepts, glossary of terms, application features, the emergence of new words, their types and meanings

The world of marketing is full of abbreviations and professional terms, from which beginners get dizzy. Even the very concept of marketing is not always clearly interpreted by a person who is little familiar with the characteristics of the market and the sales sphere. In addition, everything changes very quickly in the industry, and it is difficult to keep track of these changes.

Why do you need to know the terms?

New terms in marketing appear constantly, and they can confuse anyone. But knowing these concepts means that you stay up to date with the latest trends and are able to quickly explain them to the rest of your team. Understanding what these or those terms mean in marketing and advertising will help demonstrate to your boss the mood to be the best employee. This means that career advancement will become more real.

Marketing History

The term "marketing" itself means in literal translation just market activity. It can also be translated as “working with the market”, “mastering the market”. The term "marketing" appeared at the turn of the XIX and XX centuries. from the English word "market". It refers to the process of identifying, as well as constructing, the needs of customers and the creation of advertising that will meet these expectations.

Network marketing

The purpose of marketing campaigns is to increase the number of sales by satisfying customer needs. Much later came multi-level or network marketing. Its difference is that buyers can sell the goods themselves, becoming distributors. The terms in network marketing are mainly related to the indicators of sellers and their relationships within the company. For example, “a network of distributors,” “over-planned revenues,” etc.

Different definitions of marketing

There are various definitions of the term “marketing”. One of the most common is to designate it as a set of measures to meet the emerging needs and needs of customers. According to one version, the term "marketing" was proposed in the year 1953 by Neil Borden, who referred to the work of James Culliton. There is also an opinion that Japan became the birthplace of marketing. This assumption was made by the American scientist Peter Drucker, describing the trading policy of Mr. Mitsui, who in his activities was guided by the needs of customers, thereby ahead of his time by 250 years. In the traditional approach, the profit should have been created at the expense of the enterprise, and not at the expense of a product or service that met the needs of consumers, as with the marketing approach.

4P concept

Another, already canonical, interpretation of the term “marketing” was proposed by Jerry McCarthy in 1960. It included the concept of 4P (product, price, place, promotion), based on four planning coordinates. They included the product itself, its cost, location of the outlet and promotion. Currently, the management of most enterprises in the USA, Europe and Japan is based on the principles of marketing.

30 key concepts in marketing

Consider 30 key terms that are important to every marketer. They will help you better navigate the world of marketing and understand some of its basics:

1. KPIs, or key metrics, are measurable data points that help prove that an organization is on track to achieve its goals.
2. Analytics - repeated discoveries and interpretation of data that can help identify trends. This data can be collected using tools or manually, or found on various marketing platforms.
3. Pain points are problems or pain that the target market is currently experiencing. The desire to satisfy them leads the customer to purchase a product or service.
4. Big data, or Big data, is a large dataset that must be analyzed on a computer to pinpoint trends.
5. B2B, or Business to business, is one of the basic concepts and terms of marketing, denoting sales or sales between two enterprises. It is also called "business marketing."
6. B2C, or Business to consumer - sales or sales between a business and a client or consumer.
7. Demography - statistical characteristics of the human population, such as fertility, abundance, gender, profession, etc.
8. A hard offer, or Hard Offer, is a marketing message with a sales request directly. It usually means that money is requested in advance, before the product is provided.
9. AI, or artificial intelligence - in English, this term sounds like artificial intelligence or AI. It denotes a computer system for modeling intelligent human behavior.
10. Marketing-qualified lead - promising customers who have expressed interest in the product and are ready to talk with the seller, but are not yet ready to purchase the goods.
11. Conversion rate - one of the main terms of marketing, denotes the ratio of the total number of visitors to the number of customers who performed the required action. This does not necessarily mean that they bought something. The conversion action can be different and depends on the tasks of the business.
12. Churn Rate, or Churn Rate, is the rate at which customers unsubscribe from a service or subscription.
13. Cross-channel marketing is a marketing strategy that promotes the same message on multiple media, such as a website, press, or television advertisement.
14. A marketing funnel is one of the main marketing terms, which denotes the path that potential customers go through before purchasing a product or performing another conversion action. It contains stages that convince the client to conclude a deal with this organization.
15. Marketing trend is a popular strategy or tactic used by marketers in various industries.
16. Machine learning is part of the methods of artificial intelligence, in which it solves problems not directly, but learning in the process.
17. A niche in the market is one of the main terms of marketing. Indicates a specific industry department in which a company or product has a strong position.
18. Omni-channelism is a marketing term meaning a marketing approach that covers several communication channels and combines them into a single system. It is the basis of customer service and provides continuous communication with customers.
19. Understanding the client - monitoring the behavior patterns of target customers, for use by marketers in creating more compelling messages.
20. Portrait of a customer or person (Buyer Persona) - a marketing term that indicates a summary of data, including demographic data, hobbies, interests, and other factors that determine who is most likely to buy a product or service.
21. The client’s path is the process of making a potential customer’s decision to purchase a product. It includes all possible ways of interaction between the client and the organization.
22. Return on investment (this marketing term in English sounds like ROI) - the ratio of return on investment to the number of investments. For the correct calculation of this indicator, you need to know the cost of the product, the income received and the number of investments invested in the marketing campaign.
23. Market segment - groups into which the target audience is divided. They are based on similar characteristics or patterns of behavior.
24. Average revenue per user, or ARPU (this marketing term in English sounds like Average revenue per user) - the average revenue of the company per unit of output. The formula for calculating this indicator is: ARPU = total revenue / number of customers.
25. Strategy - a comprehensive plan in which the organization describes the goals and plans for their achievement.
26. Tactics are marketing efforts that are used to achieve goals. These are specific and detailed ways to achieve the goals that were outlined in the strategy.
27. Corporate identity, or Corporate identity, is a marketing term that refers to the features and traits that define a brand as something separate and unified. It includes visual design, information tools and various elements that help the audience identify the brand and emphasize the individuality of the company.
28. The target audience is the group of people that the organization is oriented to, as the marketing team has determined that they most likely want to purchase a product or service.
29. The purpose of marketing is the main goal of the business, qualitative and quantitative indicators, the implementation of which at certain intervals set the content of the marketing campaign.
30. The stages of the life cycle are one of the basic concepts and terms of marketing, indicating the stages that the target audience goes through in the process of research, purchase, and after the purchase of a product.

Essential Social Media Terms

The concepts and terms in marketing, necessary for understanding the work in social media, also constantly appear and disappear, replacing each other. The following are the words most commonly used by marketers in this area:

1. The internal sorting algorithm is the process that social media platforms use to show the user the most interesting message for him.
2. The influencing factor is a popular personality on social networks, which influences the target market and under whose influence the client is ready to purchase the product.
3. The share of advertising exposure is the share of the company's traffic relative to the total traffic from the advertising resource. This indicator is expressed as a percentage and is used to analyze how much advertising works better in comparison with competitors.
4. Engagement rate is the sum of user interactions with content on social networks. To calculate it, you need to use the following formula: total number of likes and reposts / total number of subscribers x 100.
5. Likes are a way of user interaction with social media, with the help of which they can show what they love or dislike in each particular social network.
6. Social media marketing is the process of promoting campaigns through social media.
7. News feed - social media feeds that are created based on the tastes of users, the materials of their friends and subscriptions.
8. Reach is the total number of people who see the post.
9. Subscribers on social networks are users who decide to subscribe to a group or community of an organization.
10. User Content - Content created by fans of an organization, product, or service.
11. Advertising contacts with the audience - how many times the content is displayed in the news feed.
12. Social proof is a social and psychological phenomenon when users trust a product or content based only on the number of reviews of people who use it.
13. A hashtag is a phrase preceded by a # sign identifying messages on a specific topic.

Digital Marketing Terms

Digital or digital marketing is a relatively new phenomenon. And, thanks to him, various concepts that previously did not exist appeared in the long history of marketing. Here are some of the new digital marketing terms:

1. Marketing automation is the process of automatically sending content to site visitors based on the actions they take or how they interact with the page.
2. Gamification - a marketing style that encourages consumers to buy, through the use of a strategy in the form of a game.
3. Geo-targeting - demonstration of content to customers based on where they are located geographically.
4. Consumer Loyalty Index, or NPS, is a tool that measures customer loyalty to a product and their relationship to a company.
5. Lifestream events are a marketing tactic in which a company records and shares a video of a meeting, conference or event, tells how it unfolds.
6. Lead scoring, or lead scoring, is the process of ranking potential customers based on the likelihood of them making a purchase in the company.
7. Mobile marketing is an interactive marketing channel for promotion, which itself is reorganized and therefore it is easy to view content on a mobile device through it. For this, the adaptive design of the web page or mobile application is used.
8. A podcast is a series of audio recordings, usually focused on a specific topic or field of knowledge. These recordings can be streamed or uploaded to the Internet.
9. Bounce rate - the speed with which a user enters the site and leaves it after viewing one page.
10. User interface - includes all graphical controls that the client will use to interact with the site. These can be drop-down menus, buttons, etc.
11. User experience is the emotional attitude and reaction of visitors when interacting with the site.
12. Working with potential customers is a way to direct potential customers with the help of a marketing funnel and motivate them to buy goods or services of the organization.
13. USP, or a unique selling proposition, is what the company offers and what distinguishes the product from its competitors.
14. Chatbots are an online service with artificial intelligence that customers interact with. Chatbots imitate a conversation between a user and a team member, even if the user is actually not at his workplace at that moment.
15. E-commerce - buying and selling goods and services using an online platform.

SEO and Internet Marketing Terms

SEO and paid search are well-known marketing tactics that you can use to distribute your content to the right people. The following are some of the terms Internet marketing needed when working with search engines and SEO:

1. No-Follow Link - An HTML element that tells search engines that outgoing links should not transfer their weight to the page to which the transition was made. It is necessarily present in sponsored links.
2. Page authority is a rating system that predicts how well a particular web page will rank in search results. The higher the score, the greater the likelihood that it will fall into the top ten search results.
3. Internal page optimization - all the SEO-related elements on the page that you can change and use, affecting the ranking as a result of the search. Includes tags, meta descriptions and more.
4. The Long Tail Keyword, or Long Tail Keyword, is a series of keywords that are very specific to custom searches. As a rule, their length is three to four words, and they describe exactly what the client is looking for.
5. Title, or Title - An HTML element that tells search engines and users what this page is about. The title should not exceed 68 characters. The tag appears as a blue link in the search results.
6. Inbound marketing is a way of promotion using links to useful content that lead the user to the company’s site from another site.
7. Clickability, or CTR, is the ratio of the number of times a user clicks a link to the total number of users who see it.
8. A keyword, or keyword, is one of the main terms in the dictionary of Internet marketing and SEO, which refers to the words used by search engines to categorize content into search results.
9. Meta Description, or Meta Description, is an HTML tag that appears below the page link in the search results. He should summarize what is said on the web page. A brief description of the page should not exceed 320 characters.
10. Conversion optimization, or CRO - is one of the main terms of Internet marketing, which means optimizing the conversion by increasing the proportion of customers visiting the site. This may mean purchasing a product or subscribing to a newsletter.
11. Organic traffic is the number of web page visitors who were not influenced by advertising or paid content. These visitors usually come from the search engine, where they found the page. Organic traffic depends on the ranking of the site for specific keywords.
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1. CASL, or Canadian anti-spam legislation, is a Canadian anti-spam law that states that businesses must obtain user consent in order to send emails.
2. ESP, or Email service provider, is an email service provider, as well as tools for creating mailings.
3. A / b testing - using two different versions of e-mail newsletters or its specific elements in order to see which one works better.
4. A dedicated IP address is a unique Internet address that identifies site visitors based on the computer or device that they use to visit the site.
5. Hard Return - The email returned to the sender because the address does not exist. Emails can also be returned because recipients have blocked the address.
6. Number of refusals - this term means letters that were sent to the recipient but returned back to the sender before they were opened. There are many reasons why this could happen, including a crowded recipient mailbox or filtering his email by a network administrator.
7. Multivariate testing is a way to test different formats using a single email to see what connects a company to its audience. Unlike A / b testing, in which one variable changes, in these tests several variables change simultaneously.
8. Open emails are the number of open emails in relation to the total number of emails sent.
9. Preheader, or Pre-header, is a short summary to tell the user what the letter says.
10. The duration of the opening, or Open Length, is the time that has passed since the letter was opened by the user until its closure.
11. A mailer reputation is an assessment received by an organization based on how likely their letters are desirable to the user. The higher the rating of the company, the greater the likelihood that they will reach their recipients.
12. Spam trigger - words in the electronic mailing list, due to the presence of which the message can be marked as spam. However, it is important to note that avoiding certain words or phrases does not guarantee that the message will not get into spam.
13. Segmentation list - a way to split user lists for distribution in a specific category. These categories can be based on a variety of factors, including demographics, actions taken on the website, etc.
14. The subject of the letter is what tells the recipients what to expect from the letter before they open it. The subject should help the reader determine the purpose of sending this letter.

The glossary of marketing terms changes very quickly, so it’s important to make sure your vocabulary grows with it. Now you’ve got acquainted with several new concepts and, if necessary, you can use them in conversations with colleagues and superiors, when discussing a marketing strategy and to demonstrate your professionalism.