Marketing Abbreviations — Part 2 MCQs with Explanations

Electronic commerce or e-commerce (sometimes written as eCommerce) is a business model that lets firms and individuals buy and sell things over the internet. E-commerce operates in all four of the following major market segments: 1. Business to business 2. Business to consumer 3. Consumer to consumer 4. Consumer to business

Efficient Consumer Response (ECR) is a joint trade and industry body working towards making the grocery sector as a whole more responsive to consumer demand and promote the removal of unnecessary costs from the supply chain. There are four focus areas under ECR: demand management, supply management, enablers and integrators, which are intended to be addressed as an integrated set. These form the basis of the ECR Global Scorecard.

Discounted cash flow (DCF) is a valuation method used to estimate the value of an investment based on its expected future cash flows. DCF analysis attempts to figure out the value of an investment today, based on projections of how much money it will generate in the future. This applies to the decisions of investors in companies or securities, such as acquiring a company, investing in a technology startup, or buying a stock, and for business owners and managers looking to make capital budgeting or operating expenditures decisions such as opening a new factory or purchasing or leasing new equipment

Direct response advertising (DRA) is a type of marketing strategy that compels a high-quality prospect to take immediate action and opt into the advertiser’s offer. It educates instead of selling. It costs very little to produce, and the results are measurable, making it ideal for small businesses.

Direct mail (DM) is a form of advertising relying on printed materials and the postal service to deliver advertising appeals directly to consumers.

Customer Lifetime Value (CLV) is the amount of money a customer is predicted to spend with your business for the duration of your relationship with that individual. It’s an important metric, and the way you approach it can both define your business and could vary significantly depending on what you're trying to get from your business.

CRM is an acronym that stands for customer relationship management. Customer relationship management is any tool, strategy or process that helps businesses better organize and access customer data. It all started with handwritten notes and Rolodex's but with the advent and proliferation of digital technology, it eventually evolved into databases stored on individual computers, and then the CRM definition shifted into something far more complex. It was no longer just notes. Managing your business’s relationships with customers became a complicated process. Now, in order to compete in any industry, you need a reliable system built on CRM software.

Cost, insurance, and freight (CIF) is an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer's order while the cargo is in transit. Cost, insurance, and freight only applies to goods transported via a waterway, sea, or ocean.

Cost per lead, often abbreviated as CPL, is an online advertising pricing model, where the advertiser pays for an explicit sign-up from a consumer interested in the advertiser's offer. It is also commonly called online lead generation. Contrary to cost per mille (CPM) and cost per click (CPC) pricing models, where advertisers are charged for impressions and clicks, respectively, in a CPL pricing model advertisers pay only for a qualified sign-up regardless of how many impressions or clicks their advertisement receives. CPL advertising enables advertisers to generate guaranteed returns on their online advertising money.

Cost per click (CPC) is an online advertising revenue model that websites use to bill advertisers based on the number of times visitors click on a display ad attached to their sites. The primary alternative is the cost per thousand (CPM) model, which charges by the number of ad impressions, or views, of the display ad, regardless of whether or not a viewer clicks on the ad. The cost per click model is also known as pay per click (PPC).

Cost per click (CPC) is an online advertising revenue model that websites use to bill advertisers based on the number of times visitors click on a display ad attached to their sites. The primary alternative is the cost per thousand (CPM) model, which charges by the number of ad impressions, or views, of the display ad, regardless of whether or not a viewer clicks on the ad. The cost per click model is also known as pay per click (PPC).

Cognitive-affective-conative(CAC) are psychological process model for humans. In this, cognitive term shows thinking ability understanding capacity and decision-making skills of a person. Cognitive psychology is interested into read mind of person. Affective is another psychological term related with emotions, motivation of students. Emotions of a person may be positive or negative depends on the situation and depends on persons thinking. Motivation and demotivation comes under affective psychology. There are many ways to motivate students like use a variety of student - active teaching activities. Conative means any natural tendency, impulse or directed effort. Conative is one of three parts of mind along with affective and cognitive. Conative shows action on any thought process which differs from person to person.

Click-through rate (CTR) is the ratio of users who click on a specific link to the number of total users who view a page, email, or advertisement. It is commonly used to measure the success of an online advertising campaign for a particular website as well as the effectiveness of email campaigns.

Business to business (B2B), also called B to B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business to business refers to business that is conducted between companies, rather than between a company and individual consumer. Business-to-business stands in contrast to business-to-consumer (B2C) and business-to-government (B2G) transactions.

BDI or Brand Development Index is a tool used to measure the relationship between the net sales of a particular brand in a particular market with respect to its population. The Brand Development Index is an index that relates the percent of a brand's sales in a market to the percent of total market.

An emotional selling proposition (ESP) defines all the emotional triggers that prompt a person to buy. It's quite different from a unique selling proposition (USP). A USP instead defines all the logical reasons to buy. Emotion is the one thing that influences consumer behavior the most. So to be successful in your marketing efforts, sell the feelings your product provides, rather than selling the product explicitly.

Account based marketing (ABM) is a business marketing strategy that concentrates resources on a set of target accounts within a market. It uses personalized campaigns designed to engage each account, basing the marketing message on the specific attributes and needs of the account.

A Vertical Marketing system (VMS) comprises of the main distribution channel partners - the producer, the wholesaler and the retailer who work together as a unified group to serve the customer needs. In conventional marketing system, the producer, wholesaler and the retailer worked separately with the intention to maximize their profits even at the expense of one another. This led to the unending conflicts between the channel partners resulting in less profits for the business as a whole. In order to overcome these conflicts, several firms have started using a vertical marketing system wherein producers, wholesalers and retailers have joined hands with each other and are working in unison towards the accomplishment of the business objective as a whole. This has led to the increased profits for each involved in the channel of distribution

A target market is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle) and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service.

A small and medium business (SMB) is a business that, due to its size, has different IT requirements - and often faces different IT challenges - than do large enterprises, and whose IT resources (usually budget and staff) are often highly constrained. For the purposes of its research, Gartner defines SMBs by the number of employees and annual revenue they have. The attribute used most often is number of employees; small businesses are usually defined as organizations with fewer than 100 employees; midsize enterprises are those organizations with 100 to 999 employees.

A simulated test market, or STM for short, is a specific type of qualitative research that attempts to mimic a real-life purchase experience. It involves recruiting participants for one-on-one interviews with a market research professional. The interviews may take place at a specific store, location, or at a market research facility.

A search engine results page, or SERP, is the page you see after entering a query into Google, Yahoo, or any other search engine. Each search engine's SERP design is different, but since Google is the most popular it holds over 80% of the market share.

A search engine is a software system that is designed to carry out web searches. They search the World Wide Web in a systematic way for particular information specified in a textual web search query. The search results are generally presented in a line of results, often referred to as search engine results pages (SERPs) The information may be a mix of links to web pages, images, videos, infographics, articles, research papers, and other types of files. Some search engines also mine data available in databases or open directories. Unlike web directories, which are maintained only by human editors, search engines also maintain real-time information by running an algorithm on a web crawler.

A sales accepted lead (SAL) is a marketing qualified lead (MQL) that is passed along to the sales team. When a prospect demonstrates all the positive signs to become a lead and the marketing team measures the qualification score based on the upon-agreed criteria, that lead becomes a marketing qualified lead (MQL). As per the journey in the sales funnel, MQL should go through the SAL stage before becoming a SQL (Sales Qualified Lead).

A point of purchase (POP) is a term used by marketers and retailers when planning the placement of consumer products, such as product displays strategically placed in a grocery store aisle or advertised in a weekly flyer.

A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated "PAN card", by the Indian Income Tax Department, to any "person" who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a PDF file.

A Marketing Qualified Lead (MQL) is a lead who has indicated interest in what a brand has to offer based on marketing efforts or is otherwise more likely to become a customer than other leads. Often an MQL is a lead who has intentionally engaged with your brand by performing actions like voluntarily submitting contact information, opting into a program, adding e-commerce items to a shopping cart, downloading materials, or repeatedly visiting a website.

A Marketing Accepted Lead (MAL) is any lead that is determined to be valid, someone who can at some point become a customer.

A decision-making unit (DMU) is a team of people within an organisation who play a role in the business-purchase decision-making process for products and services. It is sometimes referred to as the 'buying centers' of an organisation. The term decision-making unit originates in B2B (business to business) marketing but has now spread into consumer and service applications.

A critical strategic document, the Product Innovation Charter (PIC) is the heart of any organized effort to commercialize a new product. It contains the reasons the project has been started, the goals, objectives, guidelines, and boundaries of the project.

A content management system (CMS) is an application that is used to manage web content, allowing multiple contributors to create, edit and publish. Content in a CMS is typically stored in a database and displayed in a presentation layer based on a set of templates.

A call to action (CTA) is a marketing term that refers to the next step a marketer wants its audience or reader to take. The CTA can have a direct link to sales. For example, it can instruct the reader to click the buy button to complete a sale, or it can simply move the audience further along towards becoming a consumer of that company's goods or services. The CTA can suggest that the reader subscribes to a newsletter that contains product updates, for example. To be effective, a CTA should be obvious and should immediately follow the marketing message.

A backlink for a given web resource is a link from some other website (the referrer) to that web resource (the referent). A web resource may be (for example) a website, web page, or web directory.

"PEST" stands for Political Economic Social and Technological. PEST Analysis (political, economic, social and technological) is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market. As described by the acronym, those four areas are central to this model.

"MKT" stands for Marketing. Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

"AIDA" stands for Attention, Interest, Desire and Action. The AIDA model is widely used in marketing and advertising to describe the steps or stages that occur from the very first moment a consumer is aware of a product or brand to the actual moment the purchase is made. The first stage of the buying process is making the consumer aware of the product. To bump prospects up to the second stage, you must develop the potential buyer's Interest in the product or service. In the third stage of AIDA, prospects realize that the product or service is a good fit and will help them in some way. The fourth and last stage of AIDA occurs when the prospect decides to take the action necessary to become a customer.

Targeted Accounts Program is the correct answer to “What is the full form of "TAP"”. This question is standard in competitive examination syllabi for Marketing Abbreviations.

Consumer Location System is the correct answer to “What is the full form of "CLS"”. This question is standard in competitive examination syllabi for Marketing Abbreviations.

Suspects Prospects Opportunities Customers is the correct answer to “What is the full form of "SPOC"”. This question is standard in competitive examination syllabi for Marketing Abbreviations.

Media Data Form is the correct answer to “What is the full form of "MDF"”. This question is standard in competitive examination syllabi for Marketing Abbreviations.