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76 Cards in this Set
- Front
- Back
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Market requirments |
-must need or desire a particular product in a product category -have ability to purchase product -be willing to use their buying power -have the authority to buy specific products |
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B2C |
Purchases and individuals in households
purchases for personal consumption not profit |
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B2B |
Purchases for resale direct use to produce other products or use in daily business operations produces reselers government and institutional markets |
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unidentified strategy |
entire market is target market one marketing mix |
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concentrated strategy |
targets one market segment one marketing mix |
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differentiated strategy |
targets two or more segments marketing mix for each segment |
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homogeneous |
customers have similar product needs entire market for a particular product is target market one marketing mix satisfies most |
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heterogeneous market |
have diverse product needs for product class |
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market segmentation |
process of dividing total market into groups based on similar product needs to design marketing mix to match segment needs |
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market segments |
subsets with similar characteristics have similar product needs respond similarly to marketing mix |
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PRIZM |
takes statistics of geodemographic, education, income, housing, ethnicity segmentation |
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micro marketing |
approach to market segmentation organizations focus precise marketing efforts on very small geographic groups |
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VALS ll |
test peoples personality type |
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behavioristic variables |
divide market by consumer behavior toward a product |
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type of organizaion |
variations in firms characteristics leads to segmentation by type |
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customer size |
larger customers strongly influence how they are treated in the marketplace |
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product use |
firms use basic inputs in ways different from one another |
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market segment profile |
-describes similarities among potential customers with in a segment -explains differences between market segments -profile may use several segmentation variables |
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sales estimates |
-market potential -company sales potential |
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measuring sales potential |
breakdown approach build up approach |
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competitive assessment |
who, how many, how large, how strong? |
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cost estimates |
to develop marketing mix to reach segment relative to competitors costs |
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product positioning |
creating and maintaining a certain concept of a product in customers minds |
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repositioning a product |
adjusting a products present position can strengthen its market share profitability |
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sales forcast |
amount of product a company expects to sell during a specific period at a specific level of marketing activites
ex: executive judgment, surveys |
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executive judgement |
based on tuition of firm's managers |
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delphi technique |
team of experts forecast puplic |
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time series analysis |
patterns in historical sales data yield information for use in trend analysis |
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regression analysis |
predicting sales based on relationship between past sales and one or more variables |
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market tests |
making product available in marketplace and measuring purchases and consumer responses |
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Using Multiple Forecasting Methods |
combination for forecasting methods may result in greater accuracy |
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consumer market |
purchase for household not business |
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buying behavior |
decision process and acts of people involved in buying and using productsp |
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consumer buying behavior |
buying behavior of ultimate consumers |
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high involvement |
expensive highly visble |
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enduring involvement |
ongoing interest in product category long term |
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low involvement |
less expensive less social risk |
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situational involvment |
temporary resulting from circumstances short term |
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routinized behavior |
process used when buying frequently purchased low cost items that require little search and decision effort |
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limited problem solving |
employed when purchasing occasionally or when they need information about an unfamiliar brand in a familiar product category |
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extended problem solving |
most complex process employed when purchasing unfamiliar expensive or infrequently bought products |
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impulse buying |
unplanned buying behavior resulting from a powerful urge to buy something immediately |
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problem recognition |
buyer becomes aware of a difference between a desired state and and actual condition |
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information search |
internal search- buyers search their memories for info about products that might solve their problem |
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external search |
buys seek info from outside source |
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consideration set/ evoked set |
group of brands that buyer sees as alternatives |
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evaluative criteria |
objective and subjective characteristics that are important to a buyer |
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framing |
describing product attributes to make a particular characteristic appear more important or easier to recall |
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purchase |
choosing product/brand to be bought on outcome of evaluation stage choice of seller may affect final product selection |
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factors may affect sale |
availability price transaction negotiation delivery/ warranties |
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post purchase evaluation |
evaluate if products performance meets expectations |
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cognitive dissonance |
buyers doubts if purchase was a good one they want reasurance |
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situational influence |
result from circumstance time and location |
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situational factors |
physical surrounding social surrounding time perspective buyers momentary mood or condition |
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psychological influence |
factors that in part determine peoples general behavior thus influencing their behavior as consumers |
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perception |
process of selecting organizing and interpreting info inputs to produce meaning |
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slective exposure |
selecting inputs to be exposed to our awareness |
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selective distortion |
changing of info when it is inconsistent with personal feelings or beliefs |
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slective retention |
remembering inputs that support personal beliefs feelings and forgetting inputs that do not |
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perceptional organization |
organizing and integrating new info with what is already stored in memory |
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interpretation |
assignment of meaning to what has been organized based on what is expected |
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personality |
set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior in certain situations |
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attitude |
cognitive, affective and behavioral |
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level of involvement |
degree of interest in product importance of product to buyer |
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attributes of business customers |
require detailed info, features and tech specifications |
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dimensions of marketing top customers |
price, quality, serive and relationship |
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methods of business buying |
description, inspection, sampling, negotiation |
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straight buy |
low involvement |
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modified rebuy |
average involvement |
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new task purchase |
high involvement |
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derived demand |
demand for industrial products stems from demand for consumer products |
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inelastic demand |
demand is not significantly altered by a price increase or decrease |
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joint demand |
demand involving use or two or more items in combination to produce a product |
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fluctuating demand |
demand that varies directly as consumer demand varies |
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business (organizational) buying behavior |
purchase behavior of producers, goc, institutions and resellers |
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buying center |
people within an orgnization who make business purchase decisions |
