Benchmarking: The process of comparing one’s own product and services to the competition’s product and services, with the ultimate goal of improving one’s product and beating out the competition.
BOGO: Buy one get one free.
Bounceback: A promotion that offers customers an incentive to return and make another purchase in the near future.
Branding: The use of marketing messages and designs to promote consumer awareness of and loyalty to a brand.
Contribution margin: The difference between the sale price of a product or service and the costs needed to produce and provide those products and services.
Cross-selling: A marketing tactic that encourages customers to purchase products or services that are complementary or related to the ones they are already purchasing.
Demographics: Statistics that highlight the characteristics of a group of consumers.
Direct marketing: A marketing strategy that sends promotional materials directly to prospective customers, whether through mail, email, texts or telemarketing.
Domain name: An internet address, usually followed by “.com,” “.edu,” “.net” or “.org,” used to identify the location of a series of webpages or URLs.
Downselling: A marketing tactic in which a cheaper product or service is suggested as an alternative to a more expensive product or service.
Environmental analysis: An evaluation of the conditions near a location and the ways in which external forces and factors could influence the profitability of an enterprise.
Fortified wine: A wine – such as sherry, port or Madeira – with brandy or another distilled alcohol added to halt fermentation or increase the alcohol content of the wine.
Guerrilla marketing: The use of unconventional or underground marketing tactics that involve little or no costs to implement.
Late-harvest wine: Wine made of grapes that have been picked from the vine later than usual, resulting in sweetness and a high level of residual sugar.
Local store marketing: A marketing strategy that targets the customers that live in the trading area or near the vicinity of a business.
Loyalty marketing: A marketing strategy that focuses on attracting and creating repeat customers that are loyal to the brand.
Marketing assessment: An evaluation of the success or failure of a business’s marketing techniques.
Marketing database: A collection of contact information and behavioral data for past and potential customers.
Market segment: A group of people that share one or more qualities that cause them to have similar consumer needs.
Market segmentation: Analyzing the market by dividing the market into segments and determining which segments you are most likely to attract and which segments would complement each other well.
Molecular gastronomy: The application of science and chemistry to food preparation and the culinary arts.
Perceived value: As opposed to the actual “market value,” the amount any given customer perceives something to be worth, or the benefit a customer gains from a product.
Personal selling: Marketing and promoting a product or service to customers through direct personal communication, either face-to-face or through other direct forms of contact.
Point of Purchase (POP): The physical location where the customers are when they pay for products or services.
Point of Sale (POS): The physical location where the sellers are when products or services are sold to customers.
Positioning: The identity or image of a business or company as perceived by the target market, or how the product or services fit in the market relative to the competition.
PPC advertisement: Pay-per-click advertisement; a form of Internet advertising in which advertisers only pay each time a user clicks on the advertisement’s link.
Psychographics: Characteristics of a given population as related to personality, beliefs, values or lifestyle.
Social Networking Potential (SNP): A representation of the size of an individual’s social network and his or her power of influence over that network.
Sommelier: Someone trained in all aspects of wine, including the storage and service of wine as well as wine and food pairings.
Suggestive selling: A method of selling in which the seller attempts to increase the value of the sale by suggesting a complementary product or service.
Tannins: Acidic compounds found in wine, especially in red wine, that give the wine an astringent, or biting, taste.
Target marketing: A marketing principle in which a population is divided into segments sharing one or more traits and marketing efforts are focused on one or a few key market segments, or target markets.
Trading area: The geographical area from which a businesses customers are drawn.
Upselling: A marketing strategy in which the salespeople try to add more sales of products or services to a customer’s original purchase in order to increase the average check size.
Viral marketing: Marketing tactics that use pre-existing social and professional networks to spread brand awareness and create a “buzz” about a business and its products or services.