Word of Mouth Marketing
Word of mouth marketing is a communication model in which individuals communicate with each other about a product or service using informal channels. These channels include personal conversations, referrals from …
Explainer
Word of Mouth and Buzz
Word of mouth (WOM) refers to the transmission of information orally from one person to another. WOM can take a variety of forms, such as conversations with friends and family, …
Wine Label
A wine label in marketing can be used to create a unique selling proposition (USP) for the wine. The label can also be used to communicate the characteristics of the …
Window Shopping
Window shopping is a term used in marketing to describe the act of looking at different products or services without committing to anything. This allows retailers to assess a customer’s …
Willingness to Pay
There is an increasing willingness to pay for goods and services that are of high quality. This is due in part to the growing economy, as well as the increased …
Whole Product
A whole product is a product that can be used by customers to satisfy their needs. A whole product is composed of many individual parts that work together to provide …
White Label
White labeling is the process of creating a product or service that is different from the original, but still includes the same branding. This can be done by adding new …
Wet Market
Wet markets are important in marketing because they provide a low-cost way to get fresh produce. They are also a place where people can buy products that have not been …
Web Marketing
Web marketing is the practice of creating, delivering, and managing digital marketing campaigns that use the internet to reach and engage customers. It encompasses a wide range of activities, including …
Warranty
Warranty in marketing refers to a guarantee or promise by the manufacturer of a product that it will meet certain performance or quality standards. This promise is typically made in …
Warehouse Store
Warehouse stores are used to store items that are not being used by the company. This can be things like furniture, which is not being used in the current business, …
Warehouse Club
A warehouse club refers to a type of retail organization that specializes in the delivery of goods to customers’ homes. These clubs typically operate on a membership basis, with customers …
Visual Merchandising
Visual merchandising (VM) is a marketing strategy employed to attract and engage customers in a retail setting. VM is composed of the design, creation, and positioning of product displays and …
Visual Marketing
Visual marketing is a term used to describe the use of visuals in marketing. Visuals can be anything from a simple graphic to an elaborate advertisement. They can be used …
Virtual Customer Environment
A virtual customer environment refers to the ability of a company to create a virtual world where customers can interact with company representatives, and make purchasing decisions. This allows the …
Viral Marketing
Viral marketing is a marketing strategy that uses viral content to spread the word about a product or brand. Viral content is anything that can be shared online, such as …
Vertical Integration
Vertical integration is a business strategy where one company acquires control of the entire production process from raw materials to finished goods. This type of integration can be beneficial to …
Vendor Lock-in
Vendor lock-in can happen when a customer is reliant on a particular vendor for a critical product or service. This can create problems if the vendor discontinues this product or …
Vending Machine
A vending machine in marketing is a device that allows consumers to purchase products, such as snacks and drinks, using cash or tokens. Vendors use these machines to increase sales …
Variety Store
Variety store is a marketing term that refers to the various channels through which a brand can be delivered to customers. It can include in-store displays, catalogs, online presence, and …
Variable Pricing and Real-time Pricing
Variable pricing and real-time pricing are two methods of pricing goods and services. Variable pricing sets a price based on the quantity demanded, whereas real-time pricing sets a price at …
Variable Pricing
Variable pricing is a pricing strategy where the price of a good or service is different depending on the quantity purchased. This can be done in a variety of ways, …
Value-in-use
Value-in-use is a concept in marketing that refers to how a product or service is actualized or realized in the marketplace. It encompasses not only the tangible features of a …
Value-based Pricing
Value-based pricing (VBP) is a pricing strategy that uses the value of a good or service to set prices. VBP is different from price fixing and other anti-competitive behavior in …
Value Proposition
A value proposition is a statement about the benefits that a product or service can provide to its customers. In marketing, a value proposition is one of the key factors …
Value Pricing or Value-based Purchasing
Value-based purchasing (VBP) is a methodology used in marketing to establish prices for products and services that reflect their value to the customer. This is done by identifying what the …
Value Pricing
Value pricing is a pricing method that assigns a higher price to products or services with higher values, relative to those with lower values. The rationale for this approach is …
Value Migration
Value migration is a term used in marketing to describe the phenomenon where consumers or market segments move their spending away from a lower-valued product or service and towards a …
Value Chain
A value chain is the series of steps that a company takes to produce and distribute its products. The steps in a value chain can be divided into upstream (production) …
Utility
Utility in marketing refers to the extent to which a good or service is useful to the consumer. It can be broken down into three main factors: perceived usefulness, actual …
Unit Price
Unit price is a pricing strategy used in marketing where the selling price of a product or service is fixed at one specific price per unit. The rationale for using …
Unique Selling Proposition
A Unique Selling Proposition (USP) is the primary reason a company exists, and what differentiates it from its competitors. It is the main reason someone would choose to do business …
Undercover Marketing
Undercover marketing is a type of marketing that uses secret tactics to market products or services. This type of marketing is often used by businesses to gain an advantage over …
Types of Retail Outlet and Shopping Precincts
Retail outlet types and shopping precincts have been traditionally classified into three categories: hypermarkets, supermarkets, and convenience stores. However, the way people shop has changed over the years and new …
Types of Marketing Communication
There are various types of marketing communication, which can be broadly grouped into three categories: internal marketing, external marketing, and communication channels. Internal marketing refers to communication between companies within …
Two-part Pricing
Two-part pricing is a pricing strategy used in marketing, in which a product or service is offered in two or more price levels. The first price level is lower than …
Two Part Tariff
Tariffs are taxes on imports or exports. When a country sets a tariff, it means that it charges a higher price for imported goods than for exported goods. A two-part …
Trust-based Marketing
Trust-based marketing is a marketing strategy that builds trust between the company and its customers. It focuses on creating a relationship of trust with the customer, in order to elicit …
Transfer Pricing
Transfer pricing is the pricing of goods and services between companies. It refers to the way in which costs are allocated between different parts of a company. This is often …
Transactional Exchange
Marketing transactions are the exchanges of goods and services between firms. Transactions are mediated by channels such as advertising, direct selling, and franchising. Transactions can be classified according to their …
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