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9 Cards in this Set
- Front
- Back
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80/20 rule
pg. 227 |
a concept that suggest 80% of a firms sales are obtained from 20% of its customers
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Market-product grid
pg. 221 |
a framework to relate the market segments of potential buyers to products offered or potential marketing actions
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Market segmentation
pg. 220 |
involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action.
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Market segments
pg. 220 |
the relatively homogeneous groups of prospective buyers that result from the market segmentation process.
-each market segment consists of people who are relatively similar to each other in terms of their consumption behavior |
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Perceptual map
pg. 237 |
a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers.
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Product differentiation
pg. 220 |
this strategy involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products.
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Product positioning
pg. 236 |
refers to the place a product occupies in consumers minds on important attributes relative to competitive products.
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Product repositioning
pg. 236 |
changing the place a product occupies in a consumers mind relative to competitive producuts.
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Usage rate
pg. 226 |
is the quantity consumed or patronage-store visits- during a specific period.
-varies significantly among different customer groups. |
