bring ideas to life

In reading this business and marketing innovations blog, there might be jargons that you will encounter along the way. This page offers definitions to guide the readers in their BITL experience.

Marketing mix. Coined by Neil Borden in 1953. These are the factors that can be tweaked by the marketeer to solve a marketing issue (Berkowitz et al, 2000). The first four are fundamental elements of the marketing mix more popularly known as 4Ps. Marketing practitioners later expanded the mix to include the rest.

1. Place. refers to how products reach its target consumers.
2. Price. an element of the (traditional) marketing mix. refers to the value a consumer/customer has to give up to enjoy a certain product or service.
3. Product. refers to a good or service being offered to a target consumer or customer.
4. Promotion. refers to all aspects of marketing communication aimed at eliciting positive consumer response on the product or service. this could be in the form of above-the-line advertising, word of mouth, in-store promotions, public relations, events etc.
5. Positioning. refers to the way how brand managers want their brands to be perceived in the minds of the consumers relative to its direct or indirect competitors.
6. People. refers to the brand’s target market or the portion of the available market a brand decides to pursue (Kotler et al,  2009).

Consumer hurdle. Issues faced by consumers such that, when addressed, will probably encourage them to try new and innovative products. This is the holy grail of the innovative marketeer.

Consumer insight. A consumer truth that impacts or influences their attitudes and behaviors.

Ideation. The process of brainstorming for new ideas or concepts. This is also known as idea-generation exercise or brainstorming.

Innovation. New, different, radical and unconventional way of doing things. To Everette Rogers, father of the Diffusion of Innovation Theory, innovation is ”an idea, practice, or object that is perceived to be new by an individual or other unit of adoption.” (Rogers, 1995)

Innovating does not end at thinking creatively or differently. John Adair argues that innovation is also ”the process of taking ideas through to satisfied consumers.” (Adair, 2009).

Marketing innovation. Breakthroughs in the marketing mix aimed at addressing an identified consumer hurdle.

Focus group discussion or FGD. A qualitative research technique where a moderator convenes a group composed of about 6 to 10 members from an identified consumer segment to discuss a certain topic using a flexible discussion guide. According to the Philippine marketing guru, Dr. Ned Roberto, FGD is marketing’s favorite research tool for generating comprehensive positioning ideas (Roberto, 2006).