Title: Unit 2 Glossary
Course: SLF 130 Marketing Practices for the Small Business > Section: SLF 130 Marketing Practices for the Small Business

Unit 2 Glossary

Terms

Term | Definitions
competitive advantage | what one business entity has over its rival entities within its competitive industry; it sets them apart in the customer's eyes.
cost leadership strategy | a business can produce products and services at the lowest cost in the industry to serve mass audiences.
customer-orientation strategy | a business has a focus on making customers happy through outstanding customer service.
differentiation strategy | a business can provide products that are different or offer more/different features than competitors.
innovation strategy | a business can provide new and different products/services via added features, and new methods of production.
niche marketing strategy | a business (often a small one) can provide unique products, services, and customer service to a small group.
operational effectiveness strategy | a business can perform internal business and/or manufacturing activities better than competitors (usually very large firms).
product | anything, either tangible or intangible (such as a service) that provides value to a customer.
product mix | the assortment of different products offered by a business; 4 Ps of marketing are product, place, promotion, and price.
promotion | encompasses all of the ways that marketers inform their customers and potential customers about their products. The three basic objectives of promotion are to 1) present information to consumers a ...
social media | the means of interactions among people in which they create, share, and exchange information and ideas in virtual communities and networks.
strategy | a purposeful and intentional plan to offer value to their customers; the strategy chosen must be well.