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31 Cards in this Set
- Front
- Back
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consumer market
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purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
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business market
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individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
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undifferentiated targeting strategy
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a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
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homogeneous market
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a market in which a large proportion of customers have similar needs for a product
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heterogeneous markets
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markets made up of individuals or organizations with diverse needs for products in a specific product class
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market segmentation
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the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
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market segment
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individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs
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concentrated target strategy
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a strategy in which an organization targets a single market segment using one marketing mix
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differentiated targeting strategy
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a strategy in which an organization targets two or more segments by developing a marketing mix for each
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segmentation variables
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characteristics of individuals, groups, or organizations used to divide a market into segments
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market density
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the number of potential customers within a unit of land area
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geodemographic segmentation
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marketing segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information
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micromarketing
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an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
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benefit segmentation
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the division of a market according to benefits that customers want from the product
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market potential
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the total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity
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company sales potential
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the maximum percentage of market potential that an individual firm can expect to obtain for a specific product
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breakdown approach
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measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it
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buildup approach
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measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered
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sales forecast
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the amount of a product a company expects to sell during a specific period at a specified level of marketing activites
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executive judgement
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sales forecasting based on the intuition of one or more executives
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customer forecasting survey
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a survey of customers regarding the types and quantities of products they intend to buy during a specific period
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sales force forecasting survey
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a survey of a firm's sales force regarding anticipated sales in their territories for a specific period
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expert forecasting survey
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sales forecasts prepared by experts such as economists, management consultants, advertising executives, college professors, or other persons outside the firm
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Delphi technique
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a procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
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time-series analysis
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a forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses
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trend analysis
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an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
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cycle analysis
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an analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent, periodic manner
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seasonal analysis
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an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
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random factor analysis
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an analysis attempting to attribute erratic sales variation to random, nonrecurrent events
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regression analysis
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a mthod of predicting sales based on finding a relationship between past sales and one or more variables, such as population or income
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market test
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making a product available to buyers in one or more test areas and measuring purchases and consumer responses
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