TERMS GLOSSARY

Edgar Camilo Parra Grueso

2am

Lenguas Modernas

Fundamentos de mercadeo

FUNDAMENTOS DE MERCADEO

EDGAR CAMILO PARRA GRUESO

Glosario de términos

Sandra Patricia Ochoa Guevara

Docente ECCI

UNIVERSIDAD ECCI

PROGRAMA DE LENGUAS MODERNAS

BOGOTÁ

AÑO 2014

GLOSARY

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A 1) Actividad Económica (Economic Activity): Is the process of communicating the value of a product or service to customers, for selling that product or service. 2) Agencia de Publicidad (Advertising Agency): Or advert agency, is a service business dedicated to creating, planning, and handling advertising (and sometimes other forms of promotion) for its clients. 3) Ambiente Demográfico (Demographic Environment): The demographic factors of the market in which an organization operates, and which are used to segment the target population for effective marketing. 4) Ambiente Psicográfico (Psychographic environment): Analysis of consumer lifestyles to create a detailed customer profile. Market researchers conduct psychographic research by asking consumers to agree or disagree with activities, interests, opinions statements. Results of this exercise are combined with geographic (place of work or residence) and demographic (age, education, occupation, etc.) characteristics to develop a more 'lifelike' portrait of the targeted consumer segment.

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C 5) Canal de distribución (Distribution Channel): Distribution is the process of making a product or service available for use or consumption by a consumer or business user, using direct means, or using indirect means with intermediaries. 6) Capitalismo (Capitalism): An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market. 7) Catálogo (Catalog): A parts book or parts catalogue is a book published by manufacturers which contains the illustrations, part numbers and other relevant data for their products or parts thereof. 8) Ciclo de vida de un producto (Life cycle of a product): Is a business analysis that attempts to identify a set of common stages in the life of commercial products. In other words the 'Product Life cycle' PLC is used to map the lifespan of the product such as the stages through which a product goes during its lifespan.

9) Cliente (Client): Is the recipient of a good, service, product, or idea, obtained from a seller, vendor, or supplier for a monetary or other valuable consideration. 10) Cliente Potencial (Potential Client): A potential client is any natural or legal person, who is able to get a product, but its purchase period is not to frequent. 11) Cliente Real (Real Client): Are those (individuals, companies or organizations) making purchases from the company on a regular basis or they did at a recent date. 12) Consumo (Consumption): The aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services). 13) Costos de Producción (Production Costs): Or also called the cost-of-production theory of value; is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. 14) Coyuntura (Conjuncture or business cycle): The term business cycle (or economic cycle or boom-bust cycle) refers to economy-wide fluctuations in production, trade and economic activity in general over several months or years in an economy organized on free-enterprise principles. 15) Crecimiento de un producto (Growth of a product): The Growth stage is the second of stages in the product life cycle, and for many manufacturers this is the key stage for establishing a product’s position in a market, increasing sales, and improving profit margins. This is achieved by the continued development of consumer demand through the use of marketing and promotional activity, combined with the reduction of manufacturing costs. How soon a product moves from the Introduction stage to the Growth stage, and how rapidly sales increase, can vary quite a lot from one market to another.

D 16) Déficit (Deficit): A deficit is the amount by which a sum falls short of some reference amount. 17) Demostración de un producto (Price Skimming): In marketing, a product demonstration (or "demo" for short) is a promotion where a product is demonstrated to potential customers. The goal of such a demonstration is to introduce customers to the product in hopes of getting them to purchase that item. 18) Descremación de Precios (Per Capita): Is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, and then lowers the price over time. 19) Descuentos (Discounts): Discounts and allowances are reductions to a basic price of goods or services. 20) Degustación de un producto (Product testing): Also called consumer testing or comparative testing, is a process of measuring the extent to which a product fulfills the claims made by the manufacturer, often in comparison to other similar products. The theory is that since the advent of mass production manufacturers produce branded products which they assert and advertise to be identical within some technical standard. 21) Detallista (Retailer): Is the sale of goods and services from individuals or businesses to the end-user.

22) Distribución (Distribution): Distribution is the process of making a product or service available for use or consumption by a consumer or business user, using direct means, or using indirect means with intermediaries. 23) Distribución exclusiva (Exclusive distribution): Means that the producer selects only very few intermediaries Exclusive distribution is often characterized by exclusive dealing where the reseller carries only that producer's products to the exclusion of all others. 24) Distribución masiva (Massive distribution): Means that the producer relies on a few intermediaries to carry their product. This strategy is commonly observed for more specialized goods that are carried through specialist dealers, for example, brands of craft tools, or large appliances. 25) Distribución selectiva (Selective distribution): The producer's products are stocked in the majority of outlets. This strategy is common for basic supplies, snack foods, magazines and soft drink beverages. 26) Duopolio (Duopoly): A true duopoly (from Greek duo δύο (two) + polein πωλεῖν (to sell)) is a specific type of oligopoly where only two producers exist in one market. In reality, this definition is generally used where only two firms have dominant control over a market. In the field of industrial organization, it is the most commonly studied form of oligopoly due to its simplicity.

E 27) Economía (Economy): An economy or economic system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments. Transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. 28) Embalaje (Packaging): Is the technology of enclosing or protecting products for distribution, storage, sale, and use. Packaging also refers to the process of design, evaluation, and production of packages. Packaging can be described as a coordinated system of preparing goods for transport, warehousing, logistics, sale, and end use. 29) Empaque (Packing): Preparation of product or commodity for proper storage and/or transportation. It may entail blocking, bracing, cushioning, marking, sealing, strapping, weather proofing, wrapping, etc. 30) Empoderamiento (Empowerment): Refers to increasing the economic, political, social, educational, gender, or spiritual strength of individuals and communities. 31) Envase (Container): An item used to contain, store, and transport products. 32) Equilibrio de Mercado (Market Equilibrium): Refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. 33) Esclavismo (Slavery): Esteem for and emulation of Slavic culture and politics, where people (mostly black people) where sold to rich people as slaves; they worked and worked without any remuneration.

34) Estanflación (Stagflation): A portmanteau of stagnation and inflation, is a term used in economics to describe a situation where the inflation rate is high, the economic growth rate slows down, and unemployment remains steadily high. 35) Estrategia (Strategy): Is a high level plan to achieve one or more goals under conditions of uncertainty. 36) Etapas de las ventas (Stages of the sales): No matter what you're selling, every sale follows roughly the same pattern. It's a rare sale that doesn't include each of these steps in one form or another.

1. Prospect for Leads

You can't prospect effectively without knowing all about your product(s). If you don't understand the product, how could you know who will want to buy it?

2. Set an Appointment

It's time to use those leads you collected in stage 1. Many salespeople prefer to cold call over the phone, but you can also call in person, send email or even mail out sales letters.

3. Qualify the Prospect

The qualification stage usually takes place at the appointment itself, although you can also qualify briefly during your initial contact. The idea is to confirm that your prospect is both able and potentially willing to buy your product.

4. Make Your Presentation

The presentation is the core of every sales cycle, and it's probably where you'll invest the most preparation time. Keep in mind that you're not just selling your product... you are also selling yourself! You represent your company, so appearance counts.

5. Address the Prospect's Objections

Here's where you get to deal with your prospect's concerns. The one you'll hear most often? “I have to think about it.”

6. Close the Sale

Once you've made your presentation and answered your prospect's questions and objections, it's time to ask for the sale. This is the second-most neglected stage of the sales cycle... which is especially sad given that it's probably the most critical one.

7. Ask for Referrals

This is hands down the most commonly neglected step. Too many salespeople are so relieved to get a sale that they grab their things and race out the door the second they get the chance, for fear the prospect will change their mind!

37) Etiqueta (Label): Is a piece of paper, polymer, cloth, metal, or other material affixed to a container or product, on which is printed information about the product. Information printed directly on a container or article can also be considered labeling. 38) Exhibiciones de productos (Product displays): When a Company decides to show its product to the world, by using advertising, and most of the time using shelves in stores.

F 39) Feudalismo (Feudalism): A political and economic system of Europe from the 9th to about the 15th century, based on the holding of all land in fief or fee and the resulting relation of lord to vassal and characterized by homage, legal and military service of tenants, and forfeiture.

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I 40) Indice de precios al consumidor (Consumer price index): A consumer price index (CPI) measures changes in the price level of a market basket of consumer goods and services purchased by households. 41) Indice de precios al productor (Producer price index): A Producer Price Index (PPI) measures the average changes in prices received by domestic producers for their output. 42) Inflación (Inflation): Is a sustained increase in the general price level of goods and services in an economy over a period of time. 43) Interés (Interest): is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds. 44) Intermediarios (Intermediaries): An intermediary (or go-between) is a third party that offers intermediation services between two trading parties. The intermediary acts as a conduit for goods or services offered by a supplier to a consumer. Typically the intermediary offers some added value to the transaction that may not be possible by direct trading. 45) Investigación de Mercados (Market Research): Is any organized effort to gather information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

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L 46) Lema (Motto): Is a phrase meant to formally summarize the general motivation or intention of a social group or organization. 47) Linea de productos (Product lining): In marketing jargon, product lining is offering several related products for sale individually. A line can comprise related products of various sizes, types, colors, qualities, or prices. 48) Logística (Logistics): Is the management of the flow of goods between the point of origin and the point of consumption in order to meet some requirements, for example, of customers or corporations. The resources managed in logistics can include physical items, such as food, materials, animals, equipment and liquids, as well as abstract items, such as time, information, particles, and energy. 49) Los reclamos en las ventas (Claims on sales): This happens when the client is not completely satisfied with the product or service and tries to contact the producer to have a solution about it.

M 50) Marca (Brand): Is the "name, term, design, symbol, or any other feature that identifies one seller's product distinct from those of other sellers". Brands are used in business, marketing, and advertising. 51) Marketing Mix (Marketing Mix): Is a business tool used in marketing and by marketeers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and place. 52) Material P.O.P (Point of Purchase): Is the place where a retail transaction is completed. It is the point at which a customer makes a payment to the merchant in exchange for goods or services. At the point of sale the retailer would calculate the amount owed by the customer and provide options for the customer to make payment. The merchant will also normally issue a receipt for the transaction. 53) Matriz del Boston Consulting Group (BCG Matrix): The growth–share matrix is a chart that was created by Bruce D. Henderson for the Boston Consulting Group in 1970 to help corporations to analyze their business units, that is, their product lines. This helps the company allocate resources and is used as an analytical tool in brand marketing, product management, strategic management, and portfolio analysis .Analysis of market performance by firms using its principles has recently called its usefulness into question. 54) Mayorista (Wholesale): Wholesaling, jobbing, or distributing is the sale of goods or merchandise to: retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services.

In general, it is the sale of goods to anyone other than a standard consumer. 55) Mercadeo (Marketing): Is the process of communicating the value of a product or service to customers, for selling that product or service. 56) Mercado (Market): Is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. It can be said that a market is the process by which the prices of goods and services are established. 57) Mercado Electrónico (Electronic Market): Electronic markets (or electronic marketplaces) are information systems (IS) which are used by multiple separate organizational entities within one or among multiple tiers in economic value chains. 58) Merchandising (Merchandising): Is any practice which contributes to the sale of products to a retail consumer. At a retail in-store level, merchandising refers to the variety of products available for sale and the display of those products in such a way that it stimulates interest and entices customers to make a purchase. 59) Método científico (Scientific method): Is a body of techniques for investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge. To be termed scientific, a method of inquiry must be based on empirical and measurable evidence subject to specific principles of reasoning. 60) Metodología de la investigación (Research Methodology): It is often necessary to include a consideration of the concepts and theories which underlie the methods. For instance, if you intend to highlight a specific feature of a sociological theory or test an algorithm for some aspect of information retrieval, or test the validity of a particular system, you have to show that you understand the underlying concepts of the methodology. When you describe your methods it is necessary to state how you have addressed the research questions and/or hypotheses. The methods should be described in enough detail for the study to be replicated, or at least repeated in a similar way in another situation. Every stage should be explained and justified with clear reasons for the choice of your particular methods and materials. There are many different ways to approach the research that fulfils the requirements of a dissertation. These may vary both within and between disciplines. It is important to consider the expectations and possibilities concerning research in your own field. You can do this by talking to your tutors and looking at dissertations written by former students on your course. 61) Monopolio (Monopoly): A monopoly (from Greek monos μόνος (alone or single) + polein πωλεῖν (to sell)) exists when a specific person or enterprise is the only supplier of a particular commodity.

N 62) Necesidad (Need): Is something that is necessary for organisms to live a healthy life. 63) NTIC (New technologies of information and communication): Contemporary advances and innovation in various fields of technology. Various converging

technologies have emerged in the technological convergence of different systems evolving towards similar goals. Convergence can refer to previously separate technologies such as voice (and telephony features), data (and productivity applications) and video that now share resources and interact with each other, creating new efficiencies.

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O 64) Objeciones (Objections): Are those barriers or obstacles that get the customer to avoid bargaining. 65) Oferta de Productos (Product offering): It is a fancy word for "product". If you were in a meeting you might talk about creating a new product offering. - But if you said,"I would like to create a new product." It would mean the same thing. Usually you would use this term when talking like a consultant.

P 66) Per Cápita (Per Capita): It is commonly and usually used in the field of statistics in place of saying "for each person" or "per person”. It is also used in wills to indicate that each of the named beneficiaries should receive, by devise or bequest, equal shares of the estate. This is in contrast to a per stirpes division, in which each branch of the inheriting family inherits an equal share of the estate. 67) Pirámide de Maslow (Maslow’s Pyramid): Maslow's hierarchy of needs is a theory in psychology proposed by Abraham Maslow in his 1943 paper "A Theory of Human Motivation" in Psychological Review. Maslow subsequently extended the idea to include his observations of humans' innate curiosity. His theories parallel many other theories of human developmental psychology, some of which focus on describing the stages of growth in humans. Maslow used the terms Physiological, Safety, Belongingness and Love, Esteem, Self-Actualization and Self-Transcendence needs to describe the pattern that human motivations generally move through.

68) Plan de Marketing (Marketing Plan): A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use. The marketing plan can function from two points: strategy and tactics (P. Kotler, K.L. Keller). In most organizations, "strategic planning" is an annual process, typically covering just the year ahead. 69) Planeación (Planning): Planning (also called forethought) is the process of thinking about and organizing the activities required to achieve a desired goal. 70) Plaza (Place): It’s defined to where the product or the service is offered to the market Consider the effective management of the distribution channel. 71) Políticas de Calidad (Quality Policies): A quality policy is a document jointly developed by management and quality experts to express the quality objectives of the organization, the acceptable level of quality and the duties of specific departments to ensure quality of the product or the service. 72) Precio de Venta (Sale Price): Is the price of a good or service that is being offered at a discount, it’s determined by the production costs. 73) Presupuesto (Budget): Is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms. 74) Principios (Principles): Is a law or rule that has to be, or usually is to be followed, or can be desirably followed, or is an inevitable consequence of something. 75) Producto (Product): Is anything that can be offered to a market that might satisfy a want or need. 76) Productos Complentarios (Complementary Products): In economics, a complementary good is a good with a negative cross elasticity of demand, in contrast to a substitute good. This means a good's demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased. 77) Productos Derivados (Derivative Products): A derivative is a financial contract which derives its value from the performance of another entity such as an asset, index, or interest rate, called the "underlying". Derivatives are one of the three main categories of financial instruments, the other two being equities (i.e. stocks) and debt (i.e. bonds and mortgages). Derivatives include a variety of financial contracts, including futures, forwards, swaps, options, and variations of these such as caps, floors, collars, and credit default swaps. 78) Productos en Paquete (Package Products): Is the general way to refer a product that comes in a container, without focusing in its material. 79) Productos Fungibles (Consumables): Describes goods that are depleted with use or consume, food might be an example of this. 80) Productos Intangibles (Intangibles): Intangible products are services that a company or person provides to others and can’t be physically manipulated.

81) Productos Perecederos (Perishable): Is something little durable, and as a consequence has a really short useful life, fruits are an example of it. 82) Productos Tangibles (Tangibles): Tangible products are the ones who can be manipulated by the man in a physical way. 83) Promoción (Promotion): Is one of the marketing mix elements or features, and a term used frequently in marketing. There are three basic objectives of promotion, these are: • To present information to consumers as well as others. • To increase demand. • To differentiate a product. 84) Promoción de Ventas (Sales Promotion): Is one of the seven aspects of the promotional mix. (Media and non-media marketing communication are employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, and rebates. 85) Publicidad (Advertising): Is a form of marketing communication used to encourage, persuade, or manipulate an audience (viewers, readers or listeners; sometimes a specific group) to take or continue to take some action. Most commonly, the desired result is to drive consumer behavior with respect to a commercial offering, although political and ideological advertising is also common.

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R 86) Rebaja de Precios (Sale Price): The price of a good or service that is being offered at a discount. The sale price can be calculated by subtracting the discount percent from 100, converting that number into a decimal, and multiplying the decimal by the normal price of the good. For example, a good that is normally priced at $100 and currently being offered at a 10% reduction would have a sale price of $90.

S 87) Segmentación de Mercados (Market Segmentation): Is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities and then designing and implementing strategies to target them. 88) Servicio (Service): Is an intangible commodity. That is, services are an example of intangible economic goods. 89) Slogan (Slogan): A slogan is a memorable motto or phrase used in a political, commercial, religious, and other context as a repetitive expression of an idea or purpose.

90) Socialismo (Socialism): Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy. 91) Superávit (Surplus): Surplus is when there is an excess supply of a product. Prices are driven down by surpluses.

T 92) Técnica de Muestras (Sampling Techniques): In statistics, quality assurance, & survey methodology, sampling is concerned with the selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population. Each observation measures one or more properties (such as weight, location, color) of observable bodies distinguished as independent objects or individuals. 93) Técnica Regalos (Gifts Techniques): It consists in giving a free present to the customer if it buys something to the company. An example could be giving toys if the client buys a hamburger (Mc Donald’s). 94) Técnica de Concursos (Contests Techniques): A contest technique happens when the Company decides to make a competition where the people can win a big price; this gives a lot of advertising to the company. 95) Telemercadeo (Telemarketing): Is a method of direct marketing in which a salesperson solicits prospective customers to buy products or services, either over the phone or through a subsequent face to face or Web conferencing appointment scheduled during the call. 96) Teoría general de precios (General Theory of Prices): Or also called general equilibrium theory; is a concept of theoretical economics. It seeks to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium, hence general equilibrium, in contrast to partial equilibrium, which only analyzes single markets. 97) TOWS (FODA): TOWS analysis is a method of strategic analysis used to study the environment of the organization and its interior. TOWS concept is synonymous with the term SWOT acronym. By according to H.Weihrich english words Threats (in the environment), Opportunities (in the environment), Weaknesses (of the organization), Strenghts (of the organization) should be placed in this order to make the emphasis on problem-solving sequence in the process of strategy formulation.

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V 98) Vademecum (Latin for Handbook): is a type of reference work, or other collection of instructions, that is intended to provide ready reference. A handbook is a treatise on a

special subject. Nowadays it is often a simple but all-embracing treatment, containing concise information and being small enough to be held in the hand. 99) Ventas (Sales): A sale is the act of selling a product or service in return for money or other compensation. Signaling completion of the prospective stage, it is the beginning of an engagement between customer and vendor or the extension of that engagement. 100) Vocabulario en las ventas (Vocabulary sales): It’s a group of phrases or words that are commonly used in the business world, some of them are: • Afford - able to buy, have enough money to buy

"Television is the best advertising, but the most expensive. Can we afford it?" • Agenda - a detailed plan for a meeting.

"The first item on our agenda is advertising."

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