Marketing Pride & Ferrell Chapter 6

Front 1

Business Market

Back 1

Individuals or groups that purchase a specific kind of product for resale ,direct use in the producing other products, or use in general daily operations.

Front 2

Benefit segmentation

Back 2

The division of a market according to benefits that consumers want from the product.

Front 3

Breakdown approach

Back 3

Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it.

Front 4

Build up approach

Back 4

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 estimates by the number of potential buyers, and adding the totals of all the geographic areas considered.

Front 5

Consumer market

Back 5

girl purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits.

Front 6

Concentrated targeting strategy

Back 6

A market segmentation strategy in which an organization targets a single market segment using one marketing mix.

Front 7

Company sales potential

Back 7

The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product.

Front 8

Customer forecasting survey

Back 8

A survey of customers regarding the types and quantities of products they intend to buy during a specific period.

Front 9

Cycle analysis

Back 9

An analysis of sales figures for a three to five year period to ascertain whether sales fluctuate in a consistent, periodic manner.

Front 10

Differentiated targeting strategy

Back 10

A strategy in which an organization targets two or more segments by developing a marketing mix for each segment.

Front 11

Delphi technique

Back 11

A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts.

Front 12

Expert forecasting survey

Back 12

Sales forecast prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors.

Front 13

Executive judgement

Back 13

A sales forecasting method based on the intuition of one or more more executives.

Front 14

Geodemographic segmentation

Back 14

A method of market segmentation that clusters people in zip code areas and smaller neighborhood in unit based on a lifestyle and demographic information.

Front 15

Homogeneous market

Back 15

And market in which a large proportion of customers have similar needs for a product.

Front 16

Heterogeneous market

Back 16

A market made up of individuals or organizations with diverse needs for products in a specific product class.

Front 17

Market segmentation

Back 17

The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.

Front 18

Market segment

Back 18

Individuals, groups, or organizations sharing one or more similar characteristics that causes them to have similar product needs.

Front 19

Market density

Back 19

The number of potential customers within a unit of land area.

Front 20

Micro marketing

Back 20

An approach to marketing segmentation in which organization focus precise marketing efforts on very small Geographic markets.

Front 21

Market potential

Back 21

The total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity.

Front 22

Market test

Back 22

making a product available to buy yours in one or more test areas and measuring purchases and consumer responses to marketing efforts.

Front 23

Product positioning

Back 23

Creating and maintaining a certain concept of a product in customers' minds.

Front 24

Regression analysis

Back 24

A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income.

Front 25

Random factor analysis

Back 25

An analysis attempting to attribute erratic sales variations to random, non recurring events.

Front 26

Segmentation variables

Back 26

Characteristics of individuals, groups, or organizations used to divide a market into segments.

Front 27

Sales forecast

Back 27

The amount of a product a company expects to sell during a specific period at a specified level of marketing activities.

Front 28

Salesforce forecasting survey

Back 28

A survey of a firm's Salesforce regarding anticipated sales in their territories for a specified period.

Front 29

Seasonal analysis

Back 29

An analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales.

Front 30

Time series analysis

Back 30

A forecasting method that uses historical sales data to discover patterns in the firm's sales overtime and generally involves trend, cycle, seasonal, and random factor analyses.

Front 31

Trend analysis

Back 31

An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales.

Front 32

Undifferentiated targeting strategy

Back 32

And strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product .