Setrics Tracker Marketing Terms for Small Businesses | Savavo

Marketing Terms for Small Businesses

Feb 12, 2016

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We’ve put together a list of some of the most important marketing terms and concepts that every small business owner should know. We’ve also included some helpful resources for each term so you can take your understanding to the next level.

Branding

“The marketing practice of creating a name, symbol, or design that identifies and differentiates a product from other products.” – Entrepreneur

Competitive Analysis

“Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.” – Entrepreneur

Focus Group

“A controlled group interview of a target audience demographic, often led by a facilitator. A set series of questions or topics are covered, and the results are used to guide marketing efforts.” – Entrepreneur

Guerrilla Marketing

“An unconventional way of performing marketing activities on a very low budget.” – Entrepreneur

Image

“The perception people have of your business when they hear your company name. A business’s image is composed of an infinite variety of facts, events, personal histories, advertising and goals that work together to make an impression on the public.” – Entrepreneur

Marketing Campaign

“A specific, defined series of activities used in marketing a new or changed product or service, or in using new marketing channels and methods.” – Entrepreneur

Major Marketing Campaigns You Can Mimic

Award Winning Small Business Marketing Campaigns

Marketing Materials

“The printed pieces, such as brochures, letterhead and business cards, you’ll use to market your business.” – Entrepreneur

Marketing Plan

“The written document that describes your advertising and marketing efforts for the coming year; it includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix you intend to use to reach your marketing goals.” – Entrepreneur

What to Include in a Marketing Plan

Niche Marketing

“A portion of a market that you’ve identified as having some special characteristic and that’s worth marketing to.” – Entrepreneur

Positioning

“How you differentiate your product or service from that of your competitors and then determine which market niche to fill.” – Entrepreneur

Primary & Secondary Research

Primary: “Information that comes directly from the source – that is, potential customers. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods.” – Entrepreneur

Secondary: “Market research that’s already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.” – Entrepreneur

Low Cost Market Research

 

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