Marketing Flashcards
Dietary
A regulated daily food allowance.
Direct Marketing
A type of advertising campaign that seeks to elicit an action (such as an order, a visit to a store or Web site, or a request for further information) from a selected group of consumers in response to a communication from the marketer.
Diversity Marketing
Promoting new products of services to new markets
External Marketing
Written or verbal communication that is aimed at attracting new clients.
Client Survey
Customer polling to identify their level of satisfaction with an existing product, and to discover their express and hidden needs and expectations for new or proposed products and services.
Compliance
Measure of whether pets actually receive the care that has been recommended by their veterinarian.
Demographics
Description of the vital statistics or objective and quantifiable characteristics of a population.
Business Image
A company’s reputation. The “image” is what the public is supposed to see when the company is mentioned or comes to mind.
Client Complaint
An expression of dissatisfaction on a consumer’s behalf to a responsible party.
Client Correspondence
Communication between a client and a veterinary professional including letters, email, newsgroups, postings, Internet forums, and blogs.
Client Education
The process by which health professionals and others provide information to clients to expand their knowledge base so they can make informed decisions about their pet’s healthcare.
Advertising
Communication that uses various forms of media to influence or persuade an audience.
After-Hours Program
A plan or schedule of activities taking place after the normal business or legal closing time for business.
Analytics
The review of data, typically looking for trends. Helpful in business decisions such as marketing and strategic planning.
Behavior Programs
Veterinary services that revolve about pet behavior
Call to Action
Persuasive words that urge the reader, listener or viewer to take a specific action. Most frequently used in market. Example: Call Now!
Public Health
The health of the population as a whole, especially as monitored, regulated, and promoted by the state.
Public Relations
The art of developing reciprocal understanding and goodwill between a business and then public.
Pareto Principle (80/20 Rule)
80% of effects result from 20% of the causes. Example; 80% of your revenue comes fro 20% of your clients. 20% of your inventory accounts for 80% of the sales revenue.
Point-of-sale interaction
The location a sales transaction is completed such as the reception counter. Technology is often used to process transactions at the point of sale, such as credit card terminals.
Search Engine Optimization (SEO)
The process of affecting the visibility of a website or a web page in a search engine’s unpaid results–often referred to as “natural,” “organic,” or “earned” results.
Target Marketing
Identifying select consumers in order to direct marketing efforts specifically towards those consuemrs.
Four P’s of Marketing
The four P’s of marketing are the categories that can be controlled in the marketing of a good or service; product, price, place, and promotion
Focus group
A group of clients who are asked to participate in a discussion about a particular topic or issue. The information from the group is used to develop programs, improve service, or solve problems at the practice.
Hypertext Markup Language (HTML)
The set of mark-up symbols or codes inserted in a file intended for display on a World Wide Web browser. The mark-up tells the Web browser how to display a Web page’s words and images for the user.
Veterinary Paraprofessional
A person to whom a particular aspect of a professional task is delegated, but who is not licensed to practice as a fully qualified veterinary professional.
Pay Per Click (PPC)
Online advertising payment model in which advertisers are charged each time a user clicks a specific link.
Hospital Tour
The act of walking an existing or potential client through the veterinary practice, highlighting the services available, along with the facilities.
Indirect Marketing
The indirect marketing strategy focuses on channels where there is no direct communication with customers by the companies.
Internal Marketing
Efforts to increase utilization of services by existing clients, and efforts by the practice to train and motivate staff to work together as a team to better meet the needs of clients.
Meta-Tags
Pieces of HTML code that are imbedded in a website, but not visible with web browsers.
Marketing Mix
The marketing mix helps you define the marketing elements for successfully positioning your market offer. One of the best-known models is the 4Ps of marketing options in terms of product, place, price and promotion
Economy of Scale
The reduction in cost per unit that results when operational efficiencies allow increased production. Thus, there is an increase in savings because as production increases, the cost of producing each additional unit decreases.
Economy of Scope
The reduction in costs of operations when a company enters two or more markets where the operations in one market can be used to make operations in another market more efficient.
Buyer Journey
A framework that acknowledges a buyer’s progression through a research and decision process, ultimately culminating in a purchase.
Meta Description
A snippet of text that summarizes a page’s content, used primarily for search engine results purposes.
Sales Funnel
The system or process that companies lead customers through when purchasing a product or service.
What are the steps in the buyer’s journey
Search and Discovery
Consideration
Action
Cementing The Bond
What is the CRAFT formula for compliance as deemed by AAHA?
C = R + A + FT C = Compliance standards of care R = Recommendation A = Acceptance FT + Follow-Through
Customer Relationship Management (CRM)
Strategy for managing all a practice’s relationships and interactions with customers and potential customers. It helps to improve a practice’s profitability.
Quantitative and Qualitative Research
Quantitative research generates numerical data or information that can be converted into numbers, whereas qualitative research generates non-numerical data.
Net Promoter Score
A management tool that can be used to gauge the loyalty of a practice’s client relationships. It serves as an alternative to traditional client satisfaction research and is correlated with revenue growth.
Loyalty Programs
Structured and long-term marketing efforts that reward and encourage loyal buying behavior from the client.
High Tech
Refers to practicing on the cutting edge, using highly technical or advanced equipment and procedures.
High Touch
Refers to high-quality service and ambiance
What are the five basic components of marketing?
Product/service attributes Marketing communications Market Research Customer Service Sales Management
What are Dr. Lowe Ackerman’s six C’s of Client Relationship Management
Consistency Compassion Client Service Convenience Competence Cost
Internal Marketing
Marketing efforts to employees as well as existing clients to support a positive brand experience.
Target Marketing
Selecting and developing offerings to meet the needs of a specific market segment.
Segmentation
A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action. Market segmentation enables businesses to target different categories of consumers who perceive the full value of certain products and services differently from one another.
Market Segment
A piece or part of the overall market that shares similarities in its demographic traits, attitudes, or views that lead it to experience similar needs or desires.
Marketplace Opportunity
An identified reason to pursue and reach out to a particular market segment as a result of unmet needs, dissatisfaction, inadequate delivery systems, or other weaknesses affecting the segment.
Situational Analysis
Review of the current environment, including competitors as well as social, political, economic, and legal conditions. For established veterinary practices, the situational analysis includes looking carefully at the current state of affairs for the practice in terms of its ability to meet client needs.
Diversification
Promoting new products to new markets
Market Development
Promoting existing products to new markets
Market Penetration
The extent of sales of existing products and services to existing clients
Market Segmentation
Process of dividing the total market for a product or service into smaller, more manageable subsets or groups of customers.
Product Development
Developing new products or services for sale to existing clients.
SWOT Analysis
Common tool of marketers, and offers a quick glance at the Strengths, Weaknesses, Opportunities, and Threats for a practice.
SMART Goals in regards to Marketing
Specific Measurable Achievable Realistic but challenging Time-bound
What is the GOST format?
Goals, Objectives, Strategies, Tactics
Search marketing
Subset of digital marketing strategy, consisting primarily of search engine optimization.
What are the six steps to performing a market potential analysis?
Define the practice's market Collect data on the area Estimate the demand for your services Estimate the current supply within the trade area Calculate the market potential Final assessment
Demographic
Describing the various characteristics of a specific population
What is the most important step to performing a market analysis?
Defining your market. It provides the focus for the remainder of your analysis.
Formula for share of the aggregate household incomes
(Aggregate Household income)/(Trade Area Full Time Equivalent)
Potential Revenue per Veterinarian formula
(Number of pet households)/(Trade Area Full Time Equivalent)(%clients seen)(Average client sales)
Client or Market Niche
A subset of a client or market segment that possesses like characteristics. An example of a client or market niche is pet owners who go camping with their dogs.
Client profiling
Understanding a practice’s existing client base by grouping together pet owners based on a variety of like traits and attributes. These resulting client segments are then assumed to have similar needs and wants based on these attributes
What are the different methods of segmentation?
Geographic Location Demographic Characteristics Psychographic Characteristics Usage Traits Influencers
What are psychographic characteristics?
Lifestyle traits. Include personal beliefs, values, and outlook, as well as likes and dislikes when it comes to activities and pastimes.
Commodity
Services and goods are easily interchanged due to a lack of perceived differences among targets. When services or goods become viewed as a commodity, consumers shop on price alone because they view everything else as equal.
Positioning Strategy
Defining a practice and creating a market identity that is in alignment with the needs and desires of the practice’s targets. A practice’s positioning is conveyed through every way in which it interacts with pet owners, including the practice’s facility, visual devices and symbols, people, services, and service delivery. All these elements work together to create an understanding of what pet owners can expect when they walk in the door.
Service Mix
The selection of services practice offers. This should be in alignment with, and reflective of, the needs of its targets. When services are structured around the needs of a target, it is easier for the target to understand the benefit or advantage they will gain from using the service.
Customer Insights
A window into how consumers think and the motivation behind their needs and wants in a given product or service category. Used to predict future customer behaviors.
Customer Value
How well a service provider or product manufacturer does at satisfying customers’ needs at any point in a transaction. A customer can assign value, beginning with pre-purchase information through to post-purchase service and follow-up.
Pull Marketing
The opposite of push marketing in which marketers seek to engage and connect with consumers through relevant and compelling content with the goal of consumer engagement leading to sales.
Push Marketing
Promotional efforts that rely on aggressive advertising campaigns to disperse often one-sided information on products and services with the goal of consumer sales.
What are the steps to pull marketing?
Gain client insights
Segment
Deliver valuable content
What are the benefits of practice positioning?
Build a distinguishable market identity and presence
Stand out from the competition
Attract and engage desired targets
Send a clear and consistent internal and external message
Stand for something
Identity Elements
The various ways in which a practice conveys who it is. This includes everything from the facility in which a practice is housed, to the behaviors of its people, to its manner of service delivery, to its visual identity (logo, icons and symbols), to its messaging. Practices all convey some sort of identity - whether or not it is conscious or a reflection of how the practice wants to be seen.
Market Identity
The results of position; the way in which a practice is perceived or understood by pet owners and in the marketplace. All practices have a market identity. Often the identity that the marketplace has is not in alignment with the desired reality of the practice.
Perception Gap
Sometimes a practice wants to be understood or thought of in one way, but the marketplace has a different view. The result is a perception gap - the desired reality and the actual relatiy are not in alignment.
Practice positioning
Defining how a practice wants to be understood in the marketplace; the space the practice seeks to occupy in the minds of pet owners. Positioning essentially determines how a practice will “look and talk” in the marketplace.
What factors should be considered before positioning your practice?
Market Conditions Gaps in the market The Practice's targets Needs and preferences of the targets The competition Realities of the practice
What steps should be taken when trying to position a practice?
- Look for opportunities
- Identify Targets
- Develop a positioning strategy
- Apply and implement the strategy.
What should a written position strategy include?
Identification of targets: who they are and what the practice has learned about them.
How the practice will define itself to appeal to these targets.
Where the practice fits into the competitive landscape; what distinguishes it and sets it apart.
Practice position goals and how the practice wants to be perceived and understood in the marketplace.
How the practice will achieve the above goals. This includes the addition of any new or revised services, staffing, approaches and standards of care, service delivery, service pricing, and other considerations.
