Glossary

Social Media Marketing represents the usage of different tools, techniques and activities which a company may utilize by its presence on social media sites and/or platforms in the manner to create communities, build relationships or two-way conversations between users and brands, products, services and companies. SMM is a component of Digital Marketing.

LMC – Localised Market Communication stands for successful, goal oriented communication services addressing the right target groups. Thus it is a combination of Strategy, Language, Content and Design enabling state of the art communication meeting the local needs and requirements.

Strategy is a long-term plan in achieving the long term goal of a company also stated within the Vision (statement). Strategy is a process describing the company’s overall plan of development. Strategy is knowledge based and it defines processes and milestones.

The vision of a company is a forecast and/or prediction of the status of a company in the future. Thus one may say it is “a realistic dream” of where the company will be at a specific point of time.

In General Business Development refers to bringing new ideas into a company, developing new markets geographically and regarding new products and services. Moreover it also includes the development of strategic alliances, the invention of new business models and to generate long term partnerships and/or relations with suppliers and customers. It also contains the acquisition. In the US it rather refers to the vending of more complex solutions, whereas sales refers to the vending of standardized non-complex goods and services.