From shopping basket to desired customer group: marketing terms and abbreviations with W
W for shopping basket , advertising material, advertising medium and values... In our marketing glossary, we explain important terms that begin with the letter W. Also included: the value chain, the competitive advantage and the desired customer group. If you want to know more - just scroll down:
Marketing glossary: A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z
- Shopping cart
A shopping cart is an overview that is used in an online store to save selected products for possible purchase. As with a real shopping cart, the products are also available in the digital shopping cart to be paid for at the checkout. The stored products do not have to be purchased immediately, but can remain in the shopping cart even after leaving the online store. An exception to this is the time-limited shopping cart used by Zalando Lounge, for example.
- Advertising material
In marketing,advertising media are all forms that advertisers use to communicate their advertising messages to their target group. An advertising medium can be a print or digital advertisement, a television commercial or a promotional gift. The aim is to use an advertising medium to emphasize the attractiveness of a company, brand, product or service and ultimately increase sales - directly through more sales or indirectly through image enhancement.
- Advertising medium
In marketing, an advertising medium is a medium that can be used to display an advertising medium and disseminate the advertising message. This can be a newspaper or billboard in the print sector or a website or radio station in the digital sector.
- Values
The values are a strategic component of the corporate mission statement. This includes the vision, mission and values of a company. The values represent the company's philosophy. They define the way in which the company acts on a daily basis and how it is treated both inside and outside the company. These standards and values usually include individual terms such as appreciation, fair treatment, sustainability, punctuality, etc.
- Value chain
A value chain refers to the individual activities and processes required by a company to realize and sell a product with a certain added value. The individual steps are interconnected via a process. They range from designing the product to manufacturing, sales, delivery and service. The idea of the value chain goes back to the US economist Michael E. Porter. According to him, it is used to determine how much a customer is willing to pay for a product or service.
- Competitive advantage
Competitive advantage is a company's competitive edge over its competitors. It is essential for sustainable corporate success. There are different types of competitive advantage. It can be an advantage in terms of efficiency. Or a supplier advantage, where a company offers its customers a product or service that cannot be provided by its competitors in this form. There is also the competitive advantage of demand, where customers remain loyal to a company, brand or product through habituation and thus ensure long-term loyalty.
▶ Course recommendation: Positioning of companies & brand building
- Desired customer group
In marketing, a desired customer group is when a company describes its ideal customer. This can take the form of a buyer persona profile, in which a corresponding customer type is defined that perfectly matches the company's offering. In contrast to the target group, which comprises a group of customers with similar characteristics, the ideal customer group describes precisely the people for whom the company has a portfolio.
▶ Complete course: Target group definition & buying persona in marketing
Marketing terms W: shopping cart, values, competition
