GLOSSARY by kayode Akingbade

B2B

dragon07kayode — 2024-08-30 09:20:05 UTC

Business to Business

Manufacturers sell to wholesalers or retailer

B2C

dragon07kayode — 2024-08-30 09:21:15 UTC

Business to Customer

Manufacturers sell direct to consumers

Total Customer Cost

dragon07kayode — 2024-09-03 05:30:41 UTC

The sum of the purchase cost, usage cost and possible disposal cost associated with a product or service

OEM

dragon07kayode — 2024-09-03 05:31:23 UTC

Original Equipment Manufacturing

Customer Value

dragon07kayode — 2024-09-03 05:37:23 UTC

sum of all benefits that an offering provides to a customer

Total Customer Value

dragon07kayode — 2024-09-03 05:59:00 UTC

The maximum amount a customer is willing to pay for a product

Customer Perceived Value

dragon07kayode — 2024-09-03 05:59:14 UTC

The difference between the total customer value and the total customer cost

Market Structure

dragon07kayode — 2024-09-03 06:10:23 UTC

Characteristics of market such as number of buyers and sellers, degree of competition and the ease of entry and exit

Geographically concentrated

dragon07kayode — 2024-09-03 06:10:37 UTC

Markets where business or customer are clustered in a specific location

Total Supplier costs

dragon07kayode — 2024-09-03 06:13:47 UTC

The total cost incurred by the supplier in production and delivering a product

Mass Market

dragon07kayode — 2024-09-11 10:39:29 UTC

Market with a large number of customers scattered across a wide geographical area

Factor of Production

dragon07kayode — 2024-09-11 10:43:49 UTC

Input used in the production process

Example: raw materials, labor, capital

Product Characteristics

dragon07kayode — 2024-09-12 00:08:03 UTC

The attributes of a product or service

Example: features, quality and price

Purchase Behaviour

dragon07kayode — 2024-09-12 00:08:53 UTC

The decision making process that customer go through when buying a product or service

Sales and Distribution

dragon07kayode — 2024-09-12 00:09:50 UTC

The activity involved in selling ane delivering products or services

Technology Intensive

dragon07kayode — 2024-09-12 00:10:33 UTC

Product or services that rely heavily on technology

Quantifiable Value

dragon07kayode — 2024-09-12 00:13:10 UTC

Benefits that can be measured and expressed in numeric terms.

Example is currencies

Monopolistic Competition

dragon07kayode — 2024-09-12 00:26:41 UTC

A market structure with many firms selling slightly differentiated products

Oligopolistic Competition

dragon07kayode — 2024-09-12 00:27:29 UTC

A market structure with a few large firms dominating the industry

Price Elasticity

dragon07kayode — 2024-09-12 00:28:44 UTC

A measure of how responsive the quantity demanded of a product is to a change in its price

Standardized Product

dragon07kayode — 2024-09-12 00:31:12 UTC

Products that are identical or nearly identical with a little variation in quantity or features

Customized Product

dragon07kayode — 2024-09-12 00:32:27 UTC

Products that are tailored to meet the specific needs or preference of individual customer

Purchasing Behaviour

dragon07kayode — 2024-09-12 00:35:02 UTC

The decision-making process that individuals or organizations go through when selecting product and services

Market Structure

dragon07kayode — 2024-09-12 00:36:18 UTC

The characteristics of a market

Example is the numbers of buyers and sellers, the degree of product differentiation

Product Charcteristics

dragon07kayode — 2024-09-12 00:37:25 UTC

The attributes of a product.

An example is its quality, price and features

Buying Influences

dragon07kayode — 2024-09-12 00:38:12 UTC

The factor that influence a persons decision to purchase a product

Market Segment

dragon07kayode — 2024-09-12 01:01:07 UTC

Different group of customer with distinct needs and preferences

Marketing Mix

dragon07kayode — 2024-09-12 01:01:58 UTC

The combination of products, price, place and promotion used to reach a target market

BOM

dragon07kayode — 2024-09-12 01:04:17 UTC

Bill of Material

A list of components required to manufacture a product

Positioning

dragon07kayode — 2024-09-12 01:08:02 UTC

The process of creating a unique position for a product or service in the minds of the customer

Market Communication

dragon07kayode — 2024-09-12 01:09:09 UTC

The various methods used in communicating with customers.

Example is advertising, public relationship and sales promotion

Prospect

dragon07kayode — 2024-09-12 01:11:21 UTC

A potential customer who has been identified and qualified as a good fit for a company's offering

Inbound Sale

dragon07kayode — 2024-09-12 01:13:35 UTC

A sales strategy that focuses on attracting potential customers through content marketing and other no-traditional sales methods. Example is cold calling

Lead

dragon07kayode — 2024-09-12 01:14:59 UTC

A potential customer or client

Exhibition

dragon07kayode — 2024-09-12 01:16:34 UTC

A public event where companies showcase their products

Target Audience

dragon07kayode — 2024-09-12 01:23:22 UTC

The specific group of people that a product or service is intended for

Competitor

dragon07kayode — 2024-09-12 01:25:02 UTC

A rival company that offers similar product or service

Equity Ratio

dragon07kayode — 2024-09-12 01:26:50 UTC

A financial ratio that measures a company's financial leverage

Liquidity

dragon07kayode — 2024-09-12 01:27:39 UTC

The ability of a company to meet its short term financial obligations

Cold Calling

dragon07kayode — 2024-09-12 01:29:36 UTC

An act of contacting a potential customer without having a prior relationship or appointment

Value Proposition

dragon07kayode — 2024-09-12 01:38:55 UTC

A statement that clearly articulates the benefits and value that a product or service offers to customer

Closing

dragon07kayode — 2024-09-12 01:43:15 UTC

The final stage of sales process where the sales man attempt to secure a purchase from the customer

key arguement

dragon07kayode — 2024-09-12 01:44:06 UTC

The most compelling reason why a customer should purchase a product or service

4Ps

dragon07kayode — 2024-09-12 01:46:28 UTC

Products, price, place and promotion

4Cs

dragon07kayode — 2024-09-12 01:47:03 UTC

Clients, cost, communication and convinience