Tue, October 15, 2019

Basic Marketing Terms for Teen

gorilla_marketingThis article is meant as a starting point for those wanting to know more about marketing.  The list is by no means exhaustive.  We wanted to get the essential words and keep it simple.  Make sure to check out our other sections on Business Terms and Finance Terms.  Note: Terms are not in alphabetical order since some concepts build on each other. Also, we will not cover specific E-business (electronic business) terms.  

 – Market is the people who would buy your product or service.  If there is no one to buy what you are offering, there is no ‘market.’

– Demand tells if your market wants what your business is offering.  No demand; no business.  The higher the demand; the more people pay will.  If you sell ice cream cones and it is thirty degrees outside, there will not be much of a demand.  If it is one hundred degrees there is a larger demand.  

– Target Market is a specific group of people whom you want to focus on for your business. If you are making beauty products, your target market should include females.  If it is for younger girls, such as preteens, your target market would be 10-13 year old girls.

– Positioning is how you want others to feel or think about your product.  Putting your business in places where your target market is exposed to them is ideal.  Positioning helps you focus on what your business does that makes it better than others.

– Branding is basically the business identity.  Branding helps focus advertising efforts towards your target market and sets up the feel of a business.  A logo is part of a brand.  A catchy phrase that helps people remember your name is part of a brand.  Even those corny jingles that stick in our head are a branding tool. 

– Advertising is what you use to tell others about your business: business cards, stickers, online ads, flyers, posters. . . etc.  Advertising is part of a marketing mix, but it does not stand by itself.

– Publicity is anything that is done to promote your product or service that is not advertising.  For example, press release, and public service announcements.

– Press Release is information sent to the newspaper or media announcing your business.  It must be ‘news worthy’ so focus on things that make your business something that is unique.  For instance: “Local Teen Starts Dry Cleaning Business” is more newsworthy than “Dry Cleaning Business Opens on South Street.”

– Marketing Mix are things that are used to reach business goals and objectives.  Remember the P’s: People, Price, Product, Place, and Promotions.  Here are the questions that a marketing mix will cover:   Who are the people?  What price are they willing to pay?  What product will they buy?  How can you get the product/service in front of them? How can we get them to buy it?

– Grass Roots Marketing is the efforts personally done by you to get your business noted.  Word of mouth and media are prime ways of doing grass roots marketing.  Myspace and Youtube have launched many people to fame simply because they got people talking about them.  Basically, go to where your target audience is and make your business known.

– Publicity Stunt is an extreme way of getting attention for your business.  It uses the shock value of your presentation to get your target market to take note.  Chik-fil-a uses cows to sell chicken sandwiches, go figure!  You may print a piece that looks like a big banana and dress in a gorilla suit to draw attention to the fact that you are selling banana trees.

– Direct Marketing goes directly to your target market.  Usually this is done with a lot of research.  A company that can send info directly to people via email or direct mail. It can be very specific.  For instance, your info can go to every household within ten miles of your business that has a teen who is between the ages of thirteen and sixteen.

– Public Relations are how your business is viewed by and relates or communicates to the community where you are involved.  Things like campus outreach, customer service and community involvement are all taken into account when someone looks at your business.  A Marketing Plan is usually part of a business plan.  It tells the who, where and how’s of marketing your business covering SWOT’s  and Marketing Mix as well as a budget and timeline of when things in your plan will be done.

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