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Chapter 6
| Term | Definition |
|---|---|
| Consumer market | Purchasers and household members who intend to consumer or benefit from the purchased products and do not buy products to make profits |
| Business market | Individual, organizations, 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 ore more similar characteristics that cause the to thane 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 ore 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 cod 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 from 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 |
| 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 ore more executives |
| Customer forecasting survey | A survey of customers regarding the types and quantities of products they inter to buy during a specific period |
| Sales forced 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 |
| 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 |
| 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-t 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 populations or income |
| Market test | Making a product available to buyers in one ore more test areas and measuring purchases and consumer responses to marketing efforts |
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