Pride Ferrel Ch 7-11

Front 1

benefit segmentation

Back 1

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

Front 2

breakdown approach

Back 2

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

Front 3

buildup approach

Back 3

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.

Front 4

business market

Back 4

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

Front 5

consumer market

Back 5

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

Front 6

differentiated targeting strategy

Back 6

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

Front 7

geodemographic segmentation

Back 7

Marketing segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information.

Front 8

heterogeneous markets

Back 8

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

Front 9

homogeneous market

Back 9

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

Front 10

market density

Back 10

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

Front 11

market potential

Back 11

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

Front 12

market segment

Back 12

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

Front 13

market test

Back 13

Making a product available to buyers in one or more test areas and measuring purchases and consumer responses.

Front 14

regression analysis

Back 14

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

Front 15

segmentation variables

Back 15

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

Front 16

undifferentiated targeting strategy

Back 16

A strategy in which an organization defines an entire market for a particular product as its target market, designs a single marketing mix, and directs it at that market.

Front 17

cognitive dissonance

Back 17

A buyer's doubts shortly after a purchase about whether the decision was the right one.

Front 18

consideration set

Back 18

A group of brands that a buyer views as alternatives for possible purchase.

Front 19

evaluative criteria

Back 19

Objective and subjective characteristics that are important to a buyer

Front 20

extended problem solving

Back 20

A type of consumer problem-solving process employed when purchasing unfamiliar, expensive, or infrequently bought products.

Front 21

external search

Back 21

An information search in which buyers seek information from outside sources.

Front 22

internal search

Back 22

An information search in which buyers search their memories for information about products that might solve their problem.

Front 23

limited problem solving

Back 23

A type of consumer problem-solving process that buyers use when purchasing products occasionally or when they need information about an unfamiliar brand in a familiar product category.

Front 24

psychological influences

Back 24

Factors that partly determine people's general behavior, thus influencing their behavior as consumers.

Front 25

reference group

Back 25

Any group that positively or negatively affects a person's values, attitudes, or behavior

Front 26

routinized response behavior

Back 26

A type of consumer problem-solving process used when buying frequently purchased, low-cost items that require very little search-and-decision effort.

Front 27

selective distortion

Back 27

An individual's changing or twisting of information when it is inconsistent with personal feelings or beliefs

Front 28

situational influences

Back 28

Influences resulting from circumstances, time, and location that affect the consumer buying decision process.

Front 29

subculture

Back 29

A group of individuals whose characteristic values and behavior patterns are similar and differ from those of the surrounding culture.

Front 30

psychological influences

Back 30

Factors that partly determine people's general behavior, thus influencing their behavior as consumers.

Front 31

business markets

Back 31

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

Front 32

government markets

Back 32

Federal, state, county, and local governments that buy goods and services to support their internal operations and provide products to their constituencies.

Front 33

inelastic demand

Back 33

Demand that is not significantly altered by a price increase or decrease.

Front 34

institutional markets

Back 34

Organizations with charitable, educational, community, or other nonbusiness goals.

Front 35

joint demand

Back 35

Demand involving the use of two or more items in combination to produce a product.

Front 36

modified rebuy purchase

Back 36

A new-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified.

Front 37

producer markets

Back 37

Individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations.

Front 38

reseller markets

Back 38

Intermediaries who buy finished goods and resell them for profit.

Front 39

sole sourcing

Back 39

An organization's decision to use only one supplier

Front 40

straight rebuy purchase

Back 40

A routine purchase of the same products by a business buyer.

Front 41

vendor analysis

Back 41

A formal, systematic evaluation of current and potential vendors.

Front 42

value analysis

Back 42

An evaluation of each component of a potential purchase.

Front 43

Standard Industrial Classification (SIC) System

Back 43

The federal government system for classifying selected economic characteristics of industrial, commercial, financial, and service organizations.

Front 44

derived demand

Back 44

Demand for industrial products that stems from demand for consumer products

Front 45

brand

Back 45

An identifying name, term, design, or symbol.

Front 46

brand extension

Back 46

Using an existing brand to brand a new product in a different product category.

Front 47

component parts

Back 47

Items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly.

Front 48

convenience products

Back 48

Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.

Front 49

depth of product mix

Back 49

The average number of different product items offered in each product line.

Front 50

family branding

Back 50

Branding all of a firm's products with the same name.

Front 51

product life cycle

Back 51

The progression of a product through four stages: introduction, growth, maturity, and decline.

Front 52

product adoption process

Back 52

The stages buyers go through in accepting a product.

Front 53

product line

Back 53

A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations

Front 54

product mix

Back 54

The total group of products that an organization makes available to customers.

Front 55

process materials

Back 55

Materials that are used directly in the production of other products but are not readily identifiable.

Front 56

raw materials

Back 56

Basic natural materials that become part of a physical product.

Front 57

specialty products

Back 57

Items with unique characteristics that buyers are willing to expend considerable effort to obtain.

Front 58

trademark

Back 58

A legal designation of exclusive use of a brand

Front 59

unsought products

Back 59

Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying.

Front 60

intangibility

Back 60

A service that is not physical and cannot be touched.

Front 61

inseparability

Back 61

Being produced and consumed at the same time.

Front 62

line extension

Back 62

Development of a product that is closely related to existing products in the line but meets different customer needs.

Front 63

product design

Back 63

How a product is conceived, planned, and produced.

Front 64

product differentiation

Back 64

Creating and designing products so that customers perceive them as different from competing products.

Front 65

product positioning

Back 65

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

Front 66

perishability

Back 66

The inability of unused service capacity to be stored for future use.

Front 67

product modification

Back 67

Change in one or more characteristics of a product

Front 68

screening

Back 68

Choosing the most promising ideas for further review.

Front 69

test marketing

Back 69

Introducing a product on a limited basis to measure the extent to which potential customers will actually buy it.

Front 70

venture team

Back 70

A cross-functional group that creates entirely new products that may be aimed at new markets.