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Brand- The sum of all the characteristics, tangible and intangible, that make a product
or service unique. Brand is considered to include the expectations which your customers
have of your offering based on past performance. Think of it as your "promise" to
the marketplace.
Brand Identity- the visual appearance of the brand. It is how consumers will recognize
a product/service and differentiate it from competitors. It typically includes your
company name, logo, and other visual elements, such as images or symbols, type font,
packaging, color scheme, retain trade dress, etc.
Branding- Branding is the intentional process by which both a brand and brand identity
are developed. It is based on strategies developed by the brand holder to position
and differentiate the product, service or business in the market to its intended
target audience. Unintentional experiences may contribute to consumers' perception
of a brand, but that is not implied in the term "branding."
Business Plan- A detailed document that spells out a company's expected course of
action for a specified period, usually including a detailed listing and analysis
of risks and uncertainties. For the small business, it should examine the proposed
products, the market, the industry, the management policies, marketing strategies
and policies, production needs and financial needs. Frequently, it is used as a prospectus
for potential investors and lenders. A business plan should be based on sound research
and careful planning following a strategic planning process..
Communication Strategy- Encompasses what and how you communicate about your product
or service to prospective customers. Communication strategy should succeed in differentiating
you from buyers' alternative options in the marketplace.
Direct Marketing- Attempts to send messages directly to potential buyers without
the use of intervening media. This involves contact, typically unsolicited, via direct
mail, e-mail or telemarketing. A characteristic of direct marketing is that it contains
a specific "call-to-action" where results are trackable and, hopefully, represent
a positive Return on Investment (ROI).
Distribution Channel- An organized network of agencies and institutions which in
combination perform all the functions required to link producers with end customers
to accomplish the marketing task. For a library this would include vendors, publishers
as well as library facilities.
Enlightened Entrepreneur- Business leader or owner who practices a holistic approach
that integrates spiritual, values-based principles with everyday business life. The
enlightened entrepreneur understands there is no separation between the “inner” and
“outer” being. He/she sees business as an extension of his/her Divine Self and uses
both spiritual and practical skills to attain goals based on the highest good of
all concerned.
Institutional or Image Advertising- Marketing messaging where the purpose is to promote
the image of a corporation rather than the sale of a product or service. This advertising
is also used to create public awareness of a corporation or to improve its reputation
in the marketplace. It is distinct from direct marketing, where the direct intention
is to generate a lead.
Mission Statement- A mission statement is a brief description of a company’s fundamental
purpose. A mission statement answers the question, “Why do we exist?” The mission
statement articulates the company’s purpose both for those in the organization and
for the public.
Marketing Plan- A written document that details the strategies and tactics necessary
to achieve specified marketing objectives. The plan may cover a product or service,
a brand, product line or company. It can cover one year (referred to as an annual
marketing plan) or multiple years. A marketing plan may be part of an overall business
plan, although a good marketing plan is usually far more developed, specific and
actionable than the marketing section typically contained in a business plan.
Positioning Statement- The expression of how an organization wishes to be perceived
by its target audiences. The Positioning Statement states the reason for the brand’s
existence and, once successfully established, it should rarely be changed. It provides
a blueprint for the marketing and development of a brand.
Positioning Strategy- This refers to the chosen niche a product or service provider
will occupy relative to buyers' competitive options in the marketplace. For example,
Volvo has established a safety niche in the auto industry while BMW is known for
performance. The Positioning Strategy is expressed in a Positioning Statement (see
above).
Qualitative Research- Qualitative research involves collecting, analyzing and interpreting
data by directly observing what people do and say. It is conducted through interviews
and small focus groups. The nature of this type of research is exploratory and open-ended.
It generally yields subjective information that gives the researcher detailed insights
into how a small number of subjects think and feel.
Quantitative Research- Quantitative research involves the use of structured questions
where response options have been predetermined and a larger number of respondents
is involved. By definition, measurement must be objective, quantitative and statistically
valid. Simply put, it’s about numbers--objective hard data.
Return on Investment (ROI)- In marketing, this ratio refers to the gross profit generated
by a marketing campaign (typically direct response) divided by the cost of the campaign.
ROI provides a basis for evaluating the success of a campaign and enables comparisons
to other possible investments.
Strategic Marketing Plan- A marketing plan for a product, service or company should
be developed only once careful thought has been given to the strategic foundation
that underlies its position in the market. This includes branding, market positioning,
market segments, target customers, distribution channels, communication strategy,
etc. A strategic marketing plan is one that incorporates these and other important
elements before specifying tactical actions, such as media and promotional activities.
Tactical Marketing Plan- A tactical marketing plan utilizes previously developed
strategy. It focuses on media, promotional and other tactical activities to generate
leads and communicate to customers and prospective customers. A short way to think
about tactical marketing is that it deals with the medium in which a marketing message
is deployed.
Tagline- A phrase designed to stay in the customer's mind that will reinforce the
association between a marketing communications piece and the company to which it
applies. Ideally, the tagline should relate to the company or product's value proposition.
Targeting Strategy- This refers to the process of determining what niche you will
serve and defining your customers in that niche as precisely as possible. This enables
you to better select media that reaches your target market and to create messages
that are more appropriate based on his/her characteristics.
Value Proposition- A value proposition is a clear statement of the tangible results
a customer gets from using your products or services. The more specific your value
proposition is, the better.
Vision Statement- A vision statement outlines what a company wants to be. It is future-oriented
and typically inspirational. Often the vision statement is used as a decision-making
benchmark to ensure that proposed actions are on point with the envisioned future.
