MARKETING GLOSSARY

Collect by Lai Minh Khoa

--A-Above the line Above the Line is the term commonly used for advertising for which a payment is made and for which commission is paid to the advertising agency. Methods of above the line advertising include television and radio, magazines, newspapers and Internet. ACORN ACORN stands for A Classification Of Residential Neighbourhoods. ACORN is a database which divides up the entire UK population in terms of the type of housing in which they live. This can be used for various purposes in marketing planning and in designing promotional campaigns Ad hoc market research Ad-hoc research focuses on specific marketing problems. It involves the collection of data at one point in time from one sample of respondents Added value Added value refers to the increase in worth of a product or service as a result of a particular activity. In the context of marketing, the added value is provided by features and benefits over and above those representing the core product. Advertising Advertising is any paid form of non-personal presentation and promotion of ideas, goods and services through mass media such as newspapers, magazines, television or radio by an identified sponsor. Advertising budget The total amount of money that a marketer allocates for advertising over a period of time After-sales service The services received after the original goods or services have been paid for. Often this service is provided as part of a warranty or guarantee scheme. Agent Part of the distribution channel. An agent is effectively a wholesaler who represents buyers and sellers on a relatively permanent basis, performs only a few functions and does not take title to goods Ambush marketing A deliberate attempt by a business or brand to associate itself with an event (often a sporting event) in order to gain some of the benefits associated with being an official sponsor without incurring the costs of sponsorship. For example by advertising during television coverage of the event. Augmented brand The additional customer services and benefits (added value) that are built around the core product or service offering

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MARKETING GLOSSARY

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Available market The total group of customers who have an interest in a interest in a product or service, have access to it, and have the ability to buy it Awareness Advertising or other promotional activity (e.g. public relations) whose primary purpose is to increases general knowledge of the company, and to make people feel more positive towards it.

--B-Behavioural segmentation Behavioural segmentation divides customers into groups based on the way they respond to, use or know of a product. Below the line Below the line is a term commonly used to refer to non-media advertising or promotion when no commission has been paid to the advertising agency. This includes direct mail, point of sale displays, and other sales promotions. Benchmarking The process of comparing the products and services of a business against those of competitors in a market, or leading businesses in other markets, in order to find ways of improving quality and performance Benefit segmentation Benefit segmentation relates to the process of dividing a market based on the specific benefits consumers seek from a product. For example, some car buyers want safety and security from their car, while others look for comfort or speed. A car manufacturer, therefore, has to decide which benefits to offer and how these benefits should be communicated to the customer Boston Group Matrix (BCG) A means of analysing and categorizing the performance of business units in large diversified firms by reference to market share and growth rates. It was developed by the Boston Consultancy Group (BCG) Brand A brand is the specific type of the product form. A brand represented by a brand name, symbol, design, logo, packaging is the identity of a particular product form that customers recognise as being different from others. Brand building Developing a brand's image and standing with a view to creating long term benefits for brand awareness and brand value Brand equity Brand equity refers to the value of a brand. Brand equity is based on the extent to which the brand has high brand loyalty, name awareness, perceived quality and strong product associations. Brand equity also includes other intangible assets such as patents, trademarks and channel relationships.

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MARKETING GLOSSARY

Collect by Lai Minh Khoa

Brand extension Brand extension refers to the use of a successful brand name to launch a new or modified product in a new market. Virgin is perhaps the best example of how brand extension can be applied into quite diverse and distinct markets. Brand image Brand image refers to the set of beliefs that customers hold about a particular brand. These are important to develop well since a negative brand image can be very difficult to shake off. Brand loyalty A strongly motivated and long standing decision to purchase a particular product or service Brand recognition A customer's awareness that a brand exists and is an alternative to purchase Breakeven Breakeven is achieved when total contribution is equal to total fixed costs. Addition contribution earned after this point becomes profit Break-even pricing Setting a price to achieve break-even on the costs of making and marketing a product (direct costs). Breakeven is achieved when the total contribution from sales priced in this way at least equal the fixed costs of the business Business portfolio The business portfolio is the collection of businesses and products that make up the business. Business to business Marketing activity directed from one business to another (as opposed to a consumer). This term is often shortened to B2B Buying behaviour Buying behaviour concerns the process that buyers go through when deciding whether or not to purchase goods or services. Buying behaviour can be influenced by a variety of external factors and motivations, including marketing activity.

-- C -Cash Cows A term used in the Boston Group Matrix. Cash cows are low-growth businesses or products with a relatively high market share. These are mature, successful businesses with relatively little need for investment. They need to be managed for continued profit - so that they continue to generate the strong cash flows that the company needs for its Stars.

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MARKETING GLOSSARY

Collect by Lai Minh Khoa

Channel conflict Disagreement among members of a distribution channel about who should be paid what and what roles each should play. Channel conflict often occurs when a business uses a multi-channel approach to distribution Cognitive dissonance Cognitive dissonance is an customer effect commonly observed after a major purchase whereby the customer feels uncertainty about whether the purchase should have been made. Post-purchase promotion (particularly advertising) has a role to play to reduce the incidence and effect of cognitive dissonance Combination brand A combination brand name brings together a family brand name and an individual brand name. The idea here is to provide some association for the product with a strong family brand name but maintaining some distinctiveness so that customers know what they are getting Competitive advantage A competitive advantage is a clear performance differential over the competition on factors that are important to customers Competitor benchmarking Competitor benchmarking compares customer satisfaction with the products, services and relationships of the business with those of key competitors Consumer buyers Consumer buyers are those who purchase items for their personal consumption Consumer durables Consumer durables have low volume but high unit value. Consumer durables are often further divided into White goods (e.g. fridge-freezers; cookers; dishwashers; microwaves) and Brown goods (e.g. DVD players; games consoles; personal computers) Consumer markets Consumer markets are the markets for products and services bought by individuals for their own or family use Continuous market research Continuous research involves interviewing the same sample of people, repeatedly Contribution Contribution per unit can be defined as selling price less variable costs. Overall contribution is the difference between total sales revenues and variable costs Core product The set of problem-solving or need-meeting benefits that customers are buying when they purchase a product. Customers are rarely prepared to pay a premium for these elements of a product.

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MARKETING GLOSSARY

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Cost leadership A strategy of producing goods at a lower cost than the competition. This usually requires the business to enjoy higher economies of scale or have some kind of productivity advantage Cross-selling Using a customers buying history to select them for related offers, e.g. a car alarm for new car buyers. Customer demand Consumer demand is a want for a specific product supported by an ability and willingness to pay for it. Customer loyalty Feelings or attitudes that incline a customer either to return to a company, shop or outlet to purchase there again, or else to re-purchase a particular product, service or brand. Customer need A need is a basic requirement that an individual wishes to satisfy. Customer satisfaction The provision of goods or services which fulfil the customers expectations in terms of quality and service, in relation to price paid Customer wants A want is a desire for a specific product or service to satisfy the underlying need.

Decline stage The last stage of a product's life cycle, during which sales fall rapidly Demographic segmentation Demographic segmentation consists of dividing the market into groups based on variables such as age, gender family size, income, occupation, education, religion, race and nationality Depth interview A lengthy, one-to-one structured interview, examining in detail a consumer's views about a product Differentiation A marketing strategy aimed at ensuring that products and services have a unique element to allow them to stand out from the rest Direct mail The delivery of an advertising or promotional message to customers or potential customers by mail. Direct marketing The planned recording, analysis and tracking of customer behaviour to develop a relational marketing strategies

-- D --

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MARKETING GLOSSARY

Collect by Lai Minh Khoa

Direct response advertising Direct response advertising is that which incorporates a contact method such as a phone number, address and enquiry form, web site URL or e-mail address. This is done with the intention of encouraging the recipient to respond directly to the advertiser by requesting more information, placing an order etc. The use of this technique on television is commonly referred to as DRTV advertising Distribution channel The network of organisations necessary to distribute goods or services from the manufacturers to the consumers; the distribution channel therefore potentially consists of manufacturers, distributors, wholesalers, and retailers. Distributors Companies that buy and sell on their own account but tend to deal in the goods of only certain specified manufacturers. Divest A strategy based on the Boston Matrix. Here the company can divest the SBU by phasing it out or selling it - in order to use the resources elsewhere (e.g. investing in the more promising "question marks"). Dogs A term used in the Boston Group Matrix. Unsurprisingly, the term "dogs" refers to businesses or products that have low relative share in unattractive, low-growth markets. Dogs may generate enough cash to break-even, but they are rarely, if ever, worth investing in.

-- E -Early adopters People who choose new products carefully and are often consulted by people from the remaining adopter categories Early majority People who adopt products just prior to the average person E-commerce The use of technologies such as the Internet, electronic data exchange and industry extranets to streamline business transactions Endorsement The promotion of some kind of product recommendation or affirmation, usually from a celebrity, implying to the potential customer that a product is good Expansionistic pricing Expansionistic pricing is a more exaggerated form of penetration pricing and involves setting very low prices aimed at establishing mass markets, possibly at the expense of other suppliers. Under this strategy, the product enjoys a high price elasticity of demand so that the adoption of a low price leads to significant increases in sales volumes

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Extinction pricing Extinction pricing has the overall objective of eliminating competition, and involves setting very low prices in the short term in order to under-cut competition, or alternatively repel potential new entrants.

-- F -Family brand name A family brand name is used for all products. By building customer trust and loyalty to the family brand name, all products that use the brand can benefit. Family life cycle The stages of family life based on demographic data that are useful in defining the markets for certain goods and services. Each group has its own specific and distinguishable needs and interests. Fast-moving consumer goods Fast-moving consumer goods are those that sell in high volumes, with low unit value, and have fast consumer repurchase. Good examples include ready meals, baked beans, newspapers etc. Focus group A small group of sample customers who are brought together into a group discussion to measure their response to a marketing stimulus such as a new brand or product. Forecasting The process of estimating future demand by anticipating what buyers are likely to do under a given set of marketing conditions (e.g. economic confidence, disposal income, pricing levels). Franchising The selling of a licence by the owner (franchisor) to a third party (franchisee) permitting the sale of a product or service for a specified period. In business format franchising the agreement will involve a common brand and marketing format. Many service businesses are operated under franchise include well-known brands such as Burger King, KFC and KwikPrint. Full cost pricing Full cost plus pricing seeks to set a price that takes into account all relevant costs of production.

-- G -Gender segmentation The segmentation of markets based on the sex of the customer. The cosmetic industry is a good example of widespread use of gender segmentation

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MARKETING GLOSSARY

Collect by Lai Minh Khoa

Geographic segmentation Geographic segmentation divides markets into different geographical units Going-rate pricing A pricing strategy that sets price largely based on the prices of competitors Growth stage The stage at which a product's sales rise rapidly and profits reach a peak, before levelling off into maturity.

-- H -Harvest A strategy based on the Boston Matrix. Here the company reduces the amount of investment in order to maximise the short-term cash flows and profits from the SBU. This may have the effect of turning Stars into Cash Cows. Hold A strategy based on the Boston Matrix. Here the company invests just enough to keep the SBU in its present position.

-- L -Labelling Packaging information that can be used for a variety of promotional, informational and legal purposes. Laggards The group of consumers who are typically last to buy a new product Late majority People who are quite sceptical about new products but eventually adopt them because of economic necessity or social pressure Lifestyle Lifestyle is a persons pattern of living as expressed in his or her activities, interests and opinions Lifestyle segmentation Lifestyle segmentation of a market is based on identifying lifestyle characteristics of customers that enable target customer groups to be identified. Many businesses now segment their markets by lifestyles, as these are increasingly seen as good predictors of consumer behaviour. Most companies use off-the-shelf research-agency classifications (such as the Target Group Index), because of the high cost and complexity of developing their own. Logo A graphic, usually consisting of a symbol and/or group of letters that identifies a company or brand.

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MARKETING GLOSSARY

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-- M -Macro forecasting Macro forecasting is concerned with forecasting markets in total. This is about determining the existing level of Market Demand and considering what will happen to market demand in the future. Mail panels Groups of consumers selected to represent a market or market segment who agree to be regularly interviewed by mail. Manufacturer brand Manufacturer brands are created by producers and bear their chosen brand name. The producer is responsible for marketing the brand. The brand is owned by the producer. By building their brand names, manufacturers can gain widespread distribution (for example by retailers who want to sell the brand) and build customer. Marker leader The business in a market with the largest market share. The market leader, particularly one with a dominant market share, is often followed by competitors in terms of pricing and product strategy. Market A market is the demand for a particular product or service, often measured by sales during a specified period. Market challenger A business in a market that is fighting hard to increase its market share. Market concentration Market concentration is the proportion of market value that is owned by the leading brands or products/companies in the market. Where the market leaders own a large part of the overall market, the market is said to be highly concentrated. By contrast, where the market leader has a relatively small market share and there are many other competitors, a market is said to be fragmented. Market development The process of growing sales by offering existing products (or new versions of them) to new customer groups (as opposed to simply attempting to increase the companys share of current markets). Market entry The launch of a new product into a new or existing market. A different strategy is required depending on whether the product is an early or late entrant to the market; the first entrant usually has an automatic advantage, while later entrants need to demonstrate that their products are better, cheaper and so on. Market follower A firm that is happy to follow the leaders in a market place without challenging them, perhaps taking advantages of opportunities created by leaders without the need for much marketing investment of its own - see also 'market challenger' and 'market

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MARKETING GLOSSARY
leader'.

Collect by Lai Minh Khoa

Market positioning A marketing strategy that will position a business products and services against those of its competitors in the minds of consumers. To achieve positioning success it is suggested that there are four basic competitive strategies that a company can follow (based on work by Porter): - Cost leadership - the company tries to achieve lowest costs of production and distribution - Differentiation - making use of specific marketing mixes - Focus - paying attention to a few market segments The fourth strategy is a losing strategy in which a business pursues a middle-of-theroad path. Businesses that try to be good at everything are rarely particularly good at anything. Market research The systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services. Market segment A customer group within the market that has special characteristics which are significant to marketing strategy. Market segmentation Segmentation involves subdividing markets, channels or customers into groups with different needs, to deliver tailored propositions which meet these needs as precisely as possible. Market share Market share can be defined as the percentage of all sales within a market that is held by one brand / product or company. Market targeting Market targeting is the process of evaluating each market segment and selecting the most attractive segments to enter with a particular product or product line. Marketing The all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time. Marketing audit A systematic examination of a businesss marketing environment, objectives, strategies, and activities with a view to identifying key strategic issues, threats and opportunities. Marketing concept The marketing concept is about matching a business capabilities with customer wants. Marketing intelligence The composite of all data and ideas available within an organisation that assists in decision-making.

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MARKETING GLOSSARY

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Marketing plan A detailed statement (usually prepared annually) of how a company's marketing mix will be used to achieve its market objectives. A marketing plan is usually prepared following a marketing audit. Maturity stage The stage during which a product's sales curve peaks and starts to decline, and profits continue to decline. Media analysis Media analysis is a term used in advertising. It refers to an investigation into the relative effectiveness and the relative costs of using the various advertising media in an advertising campaign. Micro forecasting Micro forecasting is concerned with detailed unit sales forecasts. This is about determining a products market share in a particular industry and considering what will happen to that market share in the future. Mission A mission describes the organisations basic function in society, in terms of the products and services it produces for its customers. Mission statement A mission statement is a formal description of the mission of a business. Multi-channel marketing When a business distributes its products through more than one distribution channel, this is known as multi-channel marketing. Retail chains, for example Argos, besides using the shops to distribute their products, quite often also use catalogue selling. The main purpose of multi-channel marketing is to more effectively reach different customer segments. Multi-segment strategy A strategy by which a business directs its marketing efforts towards two or more market segments by developing a marketing mix for each.

-- N -New product A new product can be defined as a good, service or idea that is perceived by some potential customers as new. It may have been available for some time, but many potential customers have not yet adopted the product nor decided to become a regular user of the product. Niche marketing Niche marketing refers to the exploitation of comparatively small market segments by businesses that decide to concentrate their efforts. Niche segments exist in nearly all markets for example the self-build sports car segment of the motor industry.

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MARKETING GLOSSARY

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Non-personal communication Methods of promotion that do not generate any personal feedback. Advertising is the best example of this. Normal goods Normal goods have a positive income elasticity of demand so as income rise more is demand at each price level.

-- O -Objectives Measurable aims of a business set for a given period (e.g. marketing objectives for the next year). Occasion segmentation A basis of segmenting a market based on occasions when buyers get the idea to make a purchase, actually buy, or use a purchased item. Opportunities Opportunities are any feature of the external environment which creates conditions that a business can exploit to its advantage. If the business is successful in exploiting opportunities, then it will be better placed to achieve its objectives. Own-label brand Own-label brands are created and owned by businesses that operate in the distribution channel often referred to as distributors. Often these distributors are retailers, but not exclusively. Sometimes the retailers entire product range will be own-label. However, more often, the distributor will mix own-label and manufacturers brands.

-- P -Packaging The activities of designing and producing the container or wrapper for a product. Penetration pricing Penetration pricing involves the setting of lower, rather than higher prices in order to achieve a large, if not dominant market share. Penetration strategy A marketing strategy based on low prices and extensive advertising to increase a product's market share. For penetration strategy to be effective the market will have to be large enough for the seller to be able to sustain low profit margins. Personal selling Oral communication with potential buyers of a product with the intention of making a sale. The personal selling may focus initially on developing a relationship with the potential buyer, but will always ultimately end with an attempt to "close the sale.

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MARKETING GLOSSARY

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Porters Five Forces Model An analytic model developed by Michael E. Porter. The five forces in terms of which the model analyses businesses and industries are: Buyers, Suppliers, Substitutes, New Entrants and Rivals. Portfolio planning Portfolio planning is the process of managing groups of brands and product lines. Positioning Positioning is how a product appears in relation to other products in the market. Pre-emptive pricing Pre-emptive pricing is a strategy involves setting low prices in order to discourage or deter potential new entrants to the suppliers market. It is especially suited to markets in which the supplier does not hold a patent, or other market privilege and entry to the market is relatively straightforward. Prestige pricing Prestige pricing refers to the practice of setting a high price for an product, throughout its entire life cycle as opposed to the short term opportunistic, high price of price skimming. This is done in order to evoke perceptions of quality and prestige with the product or service. Price The price of a product may be seen as a financial expression of the value of that product. Price discrimination Price discrimination occurs when a firm charges a different price to different groups of consumers for an identical good or service, for reasons not associated with costs. Price elasticity of demand Price elasticity of demand measures the responsiveness of a change in demand for a product following a change in its own price. Price sensitivity Price sensitivity is the effect a change in price will have on customers. Price skimming Price skimming involves charging a relatively high price for a short time where a new, innovative, or much-improved product is launched onto a market. Primary research data Primary market data is data collected specifically for the market research project and obtained directly from the relevant source. Problem/Need recognition The first stage in the buying process where the potential customer recognises that a problem or a need can be met by buying a product or a service.

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MARKETING GLOSSARY

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Product A product is defined as anything that is capable of satisfying customer needs. Product class Product class is a broad category of product such as cars, washing machines, newspapers. Product form Within a product class, there are different forms that the product can take. For example, people carriers or two-seater sports cars are product forms within the motor cars product class. Product group A product group (or product line) is a group of brands that are closely related in terms of their functions and the benefits they provide. Product life cycle The course of a product's sales and profitability over its lifetime. The model describes five stages, each of which represents a different opportunity for the marketer: - Development - Introduction - Growth - Maturity - Decline Product map A product map defines the market in terms of the way buyers perceive key characteristics of competing products. Product mix The set of all product lines and items that a particular business offers for sale to buyers. Product quality The ability of a product to perform its functions (fit for purpose). Quality is a function of several factors including reliability and ease of use. Promotion One of the four Ps of the marketing mix. Promotion is all about businesses communicating with customers. Promotional mix The promotional mix consists of a blend of five main kinds of promotional tools: advertising; direct marketing; personal selling; sales promotion and public relations. Psychographic segmentation Psychographic (or lifestyle) segmentation seeks to classify people accordingly to their values, opinions, personality characteristics and interests. Public relations The planned and sustained effort to establish and maintain goodwill and mutual understanding between an organisation and its publics.

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MARKETING GLOSSARY

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Publicity Promotional activities designed to promote a business and its products by obtaining media coverage not paid for by the business. Pull promotion Pull promotion, in contrast to Push promotion, addresses the customer directly with a view to getting them to demand the product, and hence pull it down through the distribution chain. It focuses on advertising and above the line activities. See also 'push promotion'. Purchase decision The stage in the customer buying process when the purchase decision is actually made. Push promotion Push promotion relies on the next link in the distribution chain - e.g. a wholesaler or retailer - to push out products to the customer. It revolves around sales promotions - such as price reductions and point of sale displays - and other below the line activities. See also 'Sales Promotion'.

-- Q -Qualitative forecasting Qualitative forecasting is based on experience and judgement. Examples include general surveys of customers, distributors and the sales force Qualitative Research Research that deals with information too difficult or expensive to quantify, such as subjective opinions and value judgements, typically unearthed during interviews or discussion groups Quantitative forecasting Quantitative forecasting is based on facts. Good examples include time-series analysis and statistical surveys of customer purchasing behaviour Quantitative Research Market research that concentrates on statistics and other numerical data, gathered through opinion polls, customer satisfaction surveys and so on. Compare 'qualitative research' Question marks A term used in the Boston Group Matrix. Question marks are businesses or products with low market share but which operate in higher growth markets. This suggests that they have potential, but may require substantial investment in order to grow market share at the expense of more powerful competitors. Questionnaire Base document for research purposes, providing the questions and structure for an interview or self-completion and providing space for respondents' answers.

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MARKETING GLOSSARY

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Quota sampling A sampling method in which the final choice of respondents is left to the interviewers, who base their choices on two or three variables (such as age, sex and education).

-- R -Random sampling A sampling method in which all the units in a population have an equal chance of appearing in the sample. Retailers Retailers operate outlets that trade directly with household customers.

-- S -Sales forecast The sales forecast is the expected level of company sales based on a chosen marketing plan and an assumed marketing environment. Sales promotion Sales promotion refers to any activity designed to boost the sales of a product or service. It may include an advertising campaign, increased PR activity, a free-sample campaign, offering free gifts or trading stamps, arranging demonstrations or exhibitions, setting up competitions with attractive prizes, temporary price reductions, door-to-door calling, telephone-selling, personal letters on other methods. Sample A small group of items selected from a larger group to represent the characteristics of the larger group. Samples are often used in marketing research because it is not feasible to interview every member of a particular market; however, conclusions about a market drawn from a sample always contain a sampling error and must be used with caution. The larger the sample, in general, the more accurate will be the conclusions drawn from it. Secondary research data Secondary market data is data that has already been obtained, analysed and used for other purposes or for general reference. Segmentation variables or bases The dimensions or characteristics of individuals, groups or businesses that are used for dividing a total market into segments. Selective distribution Selective distribution involves a producer using a limited number of outlets in a geographical area to sell products Soft goods Soft goods are similar to consumer durables, except that they wear out more quickly

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and therefore have a shorter replacement cycle. Examples include clothes and shoes. Sponsorship Supporting an event, activity or organisation by providing money or other resources that is of value to the sponsored event. This is usually in return for advertising space at the event or as part of the publicity for the event. Stars A term used in the Boston Group Matrix. Stars are high growth businesses or products competing in markets where they are relatively strong compared with the competition. Often they need heavy investment to sustain their growth. Eventually their growth will slow and, assuming they maintain their relative market share, will become cash cows. Strapline A slogan often used in conjunction with a brand name, advertising and other promotional methods (e.g. Guinness is good for you). Strategic business unit (SBU") A SBU is a unit of the company that has a separate mission and objectives and that can be planned independently from the other businesses. An SBU can be a company division, a product line or even individual brands - it all depends on how the company is organised. Stratified sampling A sampling method in which the population of interest is divided according to a common characteristic or attribute and a probability sampling is then conducted within each group. Strengths Strengths are a particular skill, resource or distinctive competence which the business possesses and which will enable it to achieve its stated objectives. Strengths are a source of competitive advantage. As such they should be protected and built upon.

-- T -Target market The group of potential customers sharing common needs and characteristics that a business decides to serve. Telemarketing Telemarketing (sometimes also referred to as telesales) is a method of direct marketing in which the telephone is used to contact potential customers in order to reduce the time spent in making personal visits. Traditionally, products such as double glazing and central heating have been marketed using this technique. Telephone surveys Surveys in which respondents' answers to a questionnaire are recorded by interviewers on the phone.

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Test marketing Test marketing occurs when a new product is tested with a sample of customers, or launched in a restricted geographical area, to judge customers' reactions. If the product is unsuccessful, the business will have minimised its costs and can either make changes before the main launch or decide to discontinue the product. Test marketing has a disadvantage in that competitors learn about the new product before its full launch. Threats Threats are any aspect of the external environment which cause problems and which may prevent achievement of objectives. Almost by definition, what presents a threat to one business offers an opportunity to other businesses. Trademark Legal designation indicating that the owner has exclusive use of a brand.

-- U -Undifferentiated marketing Undifferentiated marketing is the marketing of a product aimed at the widest possible market. For example, in the holiday market, the sale of short-haul summersun package holidays to the Mediterranean is an undifferentiated mass-market product. Unique selling proposition/ point ("USP") A unique selling proposition/ point (USP) is a customer benefit that no other product can claim.

-- V -Vision The long-term aims and aspirations of the company for itself.

-- W -Weaknesses Weaknesses are any aspect of the business which may prevent the business from achieving its objectives. Weaknesses are a source of competitive disadvantage. Management should seek ways to reduce or eliminate weaknesses before they are exploited further by the competition. Wholesaler Often part of the distribution channel; involves the selling of goods in large quantities to be retailed by others.

t The End
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