Business vocabulary

20 Business Management terms

This is a glossary of business, marketing, sales words for students that are studying in Business management

ABC: "Always Be Closing." An antiquated sales strategy that basically says everything a sales rep does throughout the sales process is in pursuit toward the singular goal of closing a deal. The implication is that, if a sales rep doesn't close the deal, then everything they did regarding that opportunity was a failure. In the inbound methodology, the preferred ABCs of selling are: Always Be Connecting. Even better, "Always Be Helping."
Anchor Text: The wording of a link on a website, in an email, or within another digital asset. One example of anchor text is “read more.” Anchor text is an important part of the user experience. You want your users to be clear on where your links are going and be satisfied that the destination is what they expected. Search engines also take your anchor text into account when they rank your site pages for relevance.
B2C: B2C stands for Business-to-Consumer, which describes a business model where a company sells products or services directly to individual people for personal use.; fr: C'est une entreprise dont ses activités sont de vendre ses produits juste aux consommateurs
Bad leads: The value of a product or service that a consumer of that product or service experiences. Benefits are distinct from features, and sales reps should sell based on benefits that are supported by features.; fr: Mauvaises pistes : des clients potentiels qui ne sont pas susceptibles de devenir des clients
Benefit: The value of a product or service that a consumer of that product or service experiences. Benefits are distinct from features, and sales reps should sell based on benefits that are supported by features.; fr: Bénéfice vient de la valeur finale ($) après avoir déduit tes dépenses de tes revenus
Buyer Behavior: The value of a product or service that a consumer of that product or service experiences. Benefits are distinct from features, and sales reps should sell based on benefits that are supported by features.; fr: Le comportement du consommateur : La façon dont un consommateur s'identifie, considère ou choisi un produit et un service
Buyer Persona: The value of a product or service that a consumer of that product or service experiences. Benefits are distinct from features, and sales reps should sell based on benefits that are supported by features.
Classified Advertising: Ads appearing on the same page and grouped into categories in a list-like format. Common categories are real estate, home services, clothing, and cars. Compared to display ads, classified ads usually don’t have images alongside the ad copy - and they’re less expensive. They can be a cost-efficient advertising tactic for reaching people who are interested in a category relevant to your product or service. Classified ads also lend themselves naturally to localization.; fr: Ce sont des publicités qui apparaissent sur la même page en cateégorie similaires. Elle sont moins cher et ne possedent pas d'images
Click-Through Rate (CTR): The percentage of users who click on the link in your digital marketing message after seeing it. For example, if 10,000 users see your display ad, and 10 users click on it, your click-through rate (CTR) is 0.001 or 0.1%. The same math applies to links within marketing emails, landing pages, and social media. CTR is a key success metric for an advertising campaign.; fr: Taux de clicks: Le pourcentage d'utilisateurs qui cliquent sur le lien de ton message de marketing numérique après lavoir vu.
Commission: "The payment a sales rep gets when they successfully sell something; usually a percentage of sales revenue.
Consumer: "A person who uses a product or service. They may not be the actual buyer of that product; for example, if I buy my brother a pair of basketball shoes, then my brother is the consumer of those shoes, not me.
Content Marketing: Content marketing is a strategy businesses use to attract, engage, and retain customers by creating and sharing relevant articles, videos, podcasts, and other media. This approach establishes expertise, promotes brand awareness, and keeps your business top of mind when it’s time to buy what you sell.
Customer Relationship Management (CRM): Software that let companies keep track of everything they do with their existing and potential customers. At the simplest level, CRM software lets you keep track of all the contact information for these customers. But CRM systems can do lots of other things, too, like track email, phone calls, faxes, and deals; send personalized emails; schedule appointments; and log every instance of customer service and support. Some systems also incorporate feeds from social media such as Facebook, Twitter, LinkedIn, and others. The goal is to create a system in which sales reps have a lot of information at their fingertips and can quickly pull up everything about a prospect or existing customer.
Decision-Maker: The person who, or role that, makes the final decision of a sale. They are often "guarded" by a gatekeeper.
Gatekeeper: A person who, or role that, enables or prevents information from getting to another person(s) in a company. For example, a receptionist or personal assistant.
Go-to-Market Strategy: A plan that helps you launch your new business, product, service, or brand to your customers. It usually includes target audience research, the key differentiators in your market, and a planned approach for marketing and distribution.
Mark-Up: The amount added to the cost price of goods to cover overhead and profit.
Marketing Mix: The 4 “P”s: price, product, promotion, and place (point of sale). Your marketing mix covers these must-have elements when bringing a product to market. The marketing mix is inextricable from the marketing objectives in your business plan. Some companies add “P”s that are of high importance to them, such as packaging or positioning. Packaging and positioning arguably overlap with promotion, but calling out the extra “P”s can be useful in focusing your organization.
Net Promoter Score (NPS): A customer satisfaction metric that measures, on a scale of 0-10, the degree to which people would recommend your company to others. The NPS is derived from a simple survey designed to help you determine how loyal your customers are to your business. To calculate NPS, subtract the percentage of customers who would not recommend you (detractors, or 0-6) from the percent of customers who would (promoters, or 9-10). Regularly determining your company’s NPS allows you to identify ways to improve your products and services so you can increase the loyalty of your customers.
Profit Margin: A ratio of profitability that measures how much money a company actually keeps in earnings. It's calculated either as a) net income divided by revenues, or b) net profits divided by sales.