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Marketing - 6
Target Markets - Segmentation & Evaluation
Question | Answer |
---|---|
Executive Judgment | A sales forecasting method based on the intuition of one or more executives. |
Homogeneous Market | A market in which a large proportion of customers have similar needs for a product. |
Trend Analysis | An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales. |
Cycle Analysis | An analysis of sales figures for a three-to-five year period to ascertain whether sales fluctuate in a consistent, periodic manner. |
Company Sales Potential | The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product. |
Sales Force Forecasting Survey | A survey of a firm's sales force regarding anticipated sales in their territories for a specified period. |
Benefit Segmentation | The division of a market according to benefits that consumers want from the product. |
Market Potential | The total amount of a product that customers will purchase within a specified period at a specific level of industry-wide marketing activity. |
Differentiated Targeting Strategy | A strategy in which an organization targets two or more segments by developing a marketing mix for each segment. |
Market Density | The number of potential customers within a unit of land area. |
Customer Forecasting Survey | A survey of customers regarding the types and quantities of products they intend to buy during a specific period. |
Heterogeneous Market | A market made up of individuals or organizations with diverse needs for products in a specific product class. |
Sales Forecast | The amount of a product a company expects to sell during a specific period at a specified level of marketing activities. |
Expert Forecasting Survey | Sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors. |
Delphi Technique | A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts. |
Regression Analysis | A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income. |
Heterogeneous Market | A market made up of individuals or organizations with diverse needs for products in a specific product class. |
Micromarketing | An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets. |
Concentrated Targeting Strategy | A market segmentation strategy in which an organization targets a single market segment using one marketing mix. |
Breakdown Approach | Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it. |
Seasonal Analysis | An analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales. |
Market Test | Making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts. |
Concentrated Targeting Strategy | A market segmentation strategy in which an organization targets a single market segment using one marketing mix. |
Random Factor Analysis | An analysis attempting to attribute erratic sales variations to random, non-recurrent events. |
Business Market | Individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations. |
Market Segment | Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs. |
Segmentation Variables | Characteristics of individuals, groups, or organizations used to divide a market into segments. |
Time Series Analysis | 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. |
Undifferentiated Targeting Strategy | A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product. |
Consumer Market | Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits. |
Geodemographic Segmentation | A method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information. |
Market Segmentation | The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs. |
Buildup Approach | Measuring company sales potential by estimating how much of a product a potential buyer in specific geographic area will purchase in a given period, multiplying estimate X # of potential buyers, and + the totals of all the geographic areas considered). |