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Business and Marketing

This section contains terms related to business and marketing. We gathered useful definitions, practices, abbreviations, and descriptions of tech utilities, which are used in the digital world.

All general termins, related to the ROI and business efficiency, management and leadership, will be collected in this section.

Marketing in IT is not only an activity aimed at meeting market needs with a view to profit. It’s a complex process of planning, implementing ideas, and promoting your business and services. There are many tricks, approaches, strategies, and tools, which we have introduced below:  

The main objectives of marketing in IT are the same as in any other business:

  • Research, analysis, and assessment of the needs of real and potential consumers in areas of interest to the company.
  • Evaluation and forecasting of the state and development of the markets, in which the company operates or will operate, including the study of competitors' activities.
  • Development of the product strategy, including the life-cycle, assortment line, price, advert policy, and ROMI.
  • The implementation of the latter and other tactics to increase market share, while maintaining clients’ loyalty and satisfaction.

The terms in this sections also explain the details of such important issues related to research, such as: marketing and its process, the identification of problems and solving them, and marketing information system.

Marketing research is the systematic collection of analysis, dissemination and use of information, in order to increase the effectiveness of identifying and solving marketing problems.

Marketing research process is a set of actions necessary for conducting the latter. It includes: identifying the problem, developing an approach to solving it, formulating a plan, conducting field work, analyzing data, preparing, and then finally submitting a report.

Problem solving research this is undertaken to help solve specific marketing problems.

Problem identification research is a process to help identify problems, either real or those that may arise in the future. This provides information on the relative environment and helps diagnose a problem.

Marketing Information System (MIS) - a formalized procedure for obtaining, analyzing, storing and distributing the necessary data for marketing decision makers.

We are always ready to add new information to our dictionary, so if there are any marketing or business terms that you don’t understand, please send your questions to marketing@magora-systems.com and we will give a detailed explanation of any issue in one of our next publications.

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