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Marketing Chapter 6
| Term | Definition |
|---|---|
| consumer market | purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits |
| business market | individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations |
| 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 |
| homogeneous market | a market in which a large proportion of customers have similar needs for a product |
| heterogeneous market | a market made up of individuals or organizations with diverse needs for products in a specific product class |
| 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 |
| market segment | individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs |
| concentrated targeting strategy | a market segmentation strategy in which an organization targets a single market segment using one marketing mix |
| differentiated targeting strategy | a strategy in which an organization targets two or more segments by developing a marketing mix for each segment |
| segmentation variables | characteristics of individuals, groups, or organizations used to divide a market into segments |
| market density | the number of potential customers within a unit of land area |
| geodemographic segmentation | a method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information |
| micromarketing | an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets |
| 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 industrywide marketing activity |
| company sales potential | the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product |
| breakdown approach | measuring company sales potential based on a general economic forecast for a specific period and the market potential derived form it |
| buildup approach | 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 |
| product positioning | creating and maintaining a certain concept of a product in customers' minds |
| sales forecast | the amount of a product a company expects to sell during a specific period at a specified level of marketing activities |
| executive judgment | a sales forecasting method based on the intuition of one or more executives |
| customer forecasting survey | a survey of customers regarding the types and quantities of products they intend to buy during a specific period |
| sales force forecasting survey | a survey of a firm's sales force regarding anticipated sales in their territories for a specified period |
| 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 |
| times 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 |
| 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 |
| seasonal analysis | an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales |
| random factor analysis | an analysis attempting to attribute erratic sales variations to random, nonrecurrent events |
| 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 |
| market test | making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts |
Created by:
lilready44
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