Mkt 340 Test 2

Front 1

consumer market

Back 1

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

Front 2

business market

Back 2

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 3

undifferentiated targeting strategy

Back 3

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

Front 4

homogeneous market

Back 4

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

Front 5

heterogeneous markets

Back 5

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

Front 6

market segmentation

Back 6

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

Front 7

market segment

Back 7

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

Front 8

concentrated targeting strategy

Back 8

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

Front 9

differentiated targeting strategy

Back 9

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

Front 10

segmentation variables

Back 10

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

Front 11

market density

Back 11

the number of potential customers within a unit of land area

Front 12

geodemographic segmentation

Back 12

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

Front 13

micromarketing

Back 13

an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets

Front 14

benefit segmentation

Back 14

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

Front 15

market potential

Back 15

the total amount of a product that customers will purchase within a specified period at a specific level of industry wide marketing activity

Front 16

company sales potential

Back 16

the maximum percentage of market potential that an individual firm can expect to obtain for a specific product

Front 17

breakdown approach

Back 17

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

Front 18

buildup approach

Back 18

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 19

sales forecast

Back 19

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

Front 20

executive judgment

Back 20

sales forecasting based on the intuition of one or more executives

Front 21

customer forecasting survey

Back 21

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

Front 22

sales fore forecasting survey

Back 22

a survey of a firm's sales force regarding anticipated sales in their territories for a specified period

Front 23

expert forecasting survey

Back 23

sales forecasts prepared by experts such as economists, management consultants, advertising executives, college professors, or other persons outside the firm

Front 24

Delphi technique

Back 24

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

Front 25

time-series analysis

Back 25

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

Front 26

trend analysis

Back 26

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

Front 27

cycle analysis

Back 27

an analysis of sales figures for a period of three to five years to ascertain whether sales fluctuate in a consistent, periodic manner

Front 28

seasonal analysis

Back 28

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

Front 29

random factor analysis

Back 29

an analysis attempting to attribute erratic sales variation to random, non-recurrent events

Front 30

regression analysis

Back 30

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

Front 31

market test

Back 31

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

Front 32

producer markets

Back 32

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

Front 33

reseller markets

Back 33

intermediaries who buy finished goods and resell them for profit

Front 34

government markets

Back 34

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

Front 35

institutional markets

Back 35

organizations with charitable, educational, community, or other nonbusiness goals

Front 36

reciprocity

Back 36

an arrangement unique to business marketing in which two organizations agree to buy from each other

Front 37

new-task purchase

Back 37

an initial purchase by an organization of an item to be used to perform a new job or solve a new problem

Front 38

straight-rebuy purchase

Back 38

a routine purchase of the same products under approximately the same terms of sale by a business buyer

Front 39

modified-rebuy purchase

Back 39

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

Front 40

derived demand

Back 40

demand for industrial products that stems from demand for consumer products

Front 41

inelastic demand

Back 41

demand that is not significantly altered by a price increase or decrease

Front 42

joint demand

Back 42

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

Front 43

business (organizational) buying behavior

Back 43

The purchase behavior of producers, government units, institutions, and resellers.

Front 44

Buying center

Back 44

the people within an organization, including users, influencers, buyers, deciders, and gatekeepers, who make business purchase decisions.

Front 45

value analysis

Back 45

an evaluation of each component of a potential purchase

Front 46

vendor analysis

Back 46

a formal, systematic evaluation or current and potential vendors

Front 47

multiple sourcing

Back 47

an organization's decision to use several suppliers

Front 48

sole sourcing

Back 48

an organizations decision to use only one supplier

Front 49

North American Industry Classification System (NAICS)

Back 49

An industry classification system that will generate comparable statistics amount the United States, Canada, and Mexico

Front 50

good

Back 50

a tangible physical entity

Front 51

service

Back 51

an intangible result of the application of human and mechanical efforts to people or objects

Front 52

idea

Back 52

a concept, philosophy, image, or issue

Front 53

consumer products

Back 53

products purchased to satisfy personal and family needs

Front 54

business products

Back 54

Products bought to use in an organization's operations, to resell, or to make other products

Front 55

convenience products

Back 55

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

Front 56

shopping products

Back 56

Items for which buyers are willing to expend considerable effort in planning and making purchases

Front 57

specialty products

Back 57

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

Front 58

unsought products

Back 58

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

Front 59

installations

Back 59

Facilities and nonportable major equipment

Front 60

Accessory equipment

Back 60

Equipment that does not become part of the final physical product but is used in production or office activities

Front 61

Raw materials

Back 61

basic natural materials that become part of a physical product

Front 62

component parts

Back 62

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 63

process materials

Back 63

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