Unit 2A Glossary
BTEC Level 3 Business Studies. Unit 2: Developing a Marketing Campaign
Behavioral segmentation - Grouping consumers into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product.
Brand - A distinctive name, symbol, or shape that distinguishes a product from those offered by competitors.
Brand awareness - How familiar people are with a brand's image and characteristics.
Brand image - The idea/ impression/ image that customers have in their minds about the brand.
Brand loyalty - Demonstration of consumer preference of a brand through favourable attitudes and consistent purchases over time.
Brand personality - A collection of human traits and characteristics associated with a brand.
Business culture - The shared beliefs and values of people within an organisation.
Campaign budget - The amount money the business allocates to spending on a marketing campaign.
Campaign rationale - Explanations of the decisions made in a marketing campaign.
Cost of the campaign - The whole cost of advertising of a project, including the cost of developing creativity and purchasing media.
Demand - Consumer willingness and ability to purchase goods.
Demographic segmentation - Grouping consumers by age, gender, income, ethnic background, and family life cycle.
Diversification - A strategy of increasing sales by introducing new products into new markets
Economic factors - Factors that can affect the financial status and decision-making of a business and its stakeholders such as fiscal policy and interest rates.
Environmental factors - Aspects of the physical environment that have an impact on business activity including weather and availability of resources.
Ethical factors - The moral beliefs and values held by the external stakeholders of a business.
External influences - Factors in the environment outside of the business. They cannot be controlled but should be investigated and responded to.
Geographic segmentation - Grouping consumers on the basis of where they live such as different countries or regions.
Internal influences - Things that can have an impact on a company's performance and marketing efforts but are under management's control.
Legal factors - The laws that affect the way businesses operate and how consumers behave such as employment law and customer protection law.
Market segmentation - Dividing a market into discrete buyer groups with diverse demands, traits, or behaviours that may necessitate separate products or marketing programmes.
Market share - A company's product sales as a percentage of the total sales for that industry
Marketing - Activities carried out by a firm to promote the purchase or sale of a product or service
Marketing Campaign - The set of measures taken to promote a new or changed product or service, or to experiment with new marketing channels and tactics.
Marketing objectives - A set of targets established by marketing managers to achieve in a marketing campaign.
Mass market - The market for goods that are produced in large quantities.
Need - Something essential for survival such as food or medical care.
Niche market - A smaller part of a larger market in which customers have more specific needs and wants
Political factors - Government decisions and control have an impact on business such as regulations and freedom of speech.
Profitability - A campaign's ability to convert inputs such as time and money into profit
Psychographic segmentation - Grouping consumers into different segments based on social class, lifestyle, or personality characteristics.
Social factors - Lifestyles and behaviours of customers or potential customers including taste in fashion, food and diet choices and other trends.
Technological factors - Developments in IT and communications in the environment in which the business operates. This may include 5G, improvements to machinery and robotics, and CAD/CAM.
Unique selling point - Any quality or feature of a product that distinguishes it from the competitors. Firms will frequently seek to emphasise this in their marketing.
Wants - Something that consumers desire but is not essential for survival.
