Business English (Fach) / Vocabulary (Lektion)

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• target costumer A target costumer ia a defined set of costumers whose needs a company plans to satisfy.
• budget A budget is the amount of money a company plans to spend in developing its advertising and buying media time or space.
• media plan the choice of where to advertise in order to reach the right people
• comparitive-parity method If you choose the comparitive-parity method you decide to spent the same amount on advertising as your competitors
• a sample a small amount of a product given to costumers to encourage them to try it
• word-of-mouth advertising free advertising, when satisfied costumers recommend products to their friends
• viral marketing The effort of companies trying to get consumers to forward an online marketing message to other people is called viral marketing.
• ambush marketing Ambush marketing is the practice by which companies find ways promoting their products at sporting events that allows them to avoid paying sponsorhip fees. This usually involves giving out freebies such as clothing, food or beverages and may give the ambushing company an advantage over the official sponsor.
• Guerrilla marketing is a promotional strategy, which involves carrying out unconventional activities on a very low budget.The target audience is often unaware that they have been marketed to. E.g. Could you please take a picture? 
• Advergaming Advergaming is a video game which in some way contains an advertisement for a product, service, or company. Some advergames are created by a company with the sole purpose of promoting the company itself or one of its products, and the game may be distributed freely as a marketing tool.
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• What is the difference between the "selling concept" and the "marketing concept? The "selling concept" assumes that resisting consumers have to be persuaded by vigorous hard-selling techniques to buy non-essential goods or services. The "marketing-concept", on the contrary, assumes that the producer's task is to find wants and fill them. In other words, you don't sell what you make, you make what will be bought
• advertising Advertising informs consumers about the existence and benefits of products and services, and attempts to persuade them to buy them.
• product life cycle The product life cycle is the cycle through which every product goes through from introduction to growth to maturity to eventual decline.  At the introduction stage, sales are low and costs are high, because costumers have to be persuaded to try the product. The Company can choose between high skim prices to recover developing costs, or low penetration pricing to build market share rapidly, if there are already competitors. At the growth stage, public awareness increases and sales volume rises significantly. Costs are reduced due to economies of scale, so profitability increases. The price can remain unchanged because demand is increasing but competitors aren't usually yet well established. Promotion is aimed at a much broader audience. At the maturity stage, sales volume peaks. The product's features may have to be changed, so that it differs from competing brands, which involves new costs. Prices may also have to be reduced because competitors are established in the market, but companies try to defend their market share while also maximizing profit. At the decline stage, sales volume begins to go down. Either costs are too high compared to sales, so the product is discontinued, or the company continues to offer the product to loyal customers, while reducing costs to a minimum. The price is either maintained, or greatly reduced to liquidate stock if the product is discontinued. At this stage there is virtually no promotion.

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