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Small Business Ch 7
Small Business Management Ch 7
| Question | Answer |
|---|---|
| Actual Product/Service | The basic physical product/service that delivers those benefits. |
| Augmented Product/Service | The basic product/service plus any extra or unsolicited benefits to the consumer that may prompt a purchase. |
| Benefit Variables | Specific characteristics that distinguish market segments according to the benefits sought by customers. |
| Breakdown Process (Chain-Ratio Method) | A forecasting method in which a larger-scope variable and works down to the sales forecast. |
| Buildup Process | A forecast method in which all potential buyers in the various submarkets are identified and then the estimated demand is added up. |
| Core Product/Service | The fundamental benefit or solution sought by customers. |
| Customer Profile | A collection of information about a customer, including demographics data, attitudes, preferences, and other behavioral characteristics, as defined by CRM goals. |
| Demographic Variables | Specific characteristics that describe customers and their purchasing power. |
| Direct Forecasting | A forecasting method in which sales is the estimated variable. |
| Indirect Forecasting | A forecasting method in which variables related to sales are used to project future sales. |
| Intellectual Property | Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents or copyrights. |
| Market | A group of customers of potential customers who have purchasing power and unsatisfied needs. |
| Market Analysis | The process of loacting and describing potential customers. |
| Market Segmentation | The division of market into several smaller groups with similar needs. |
| Marketing Mix | The combination of product, pricing, promotion, and distribution activities. |
| Marketing Research | The gathering, processing, interpreting, and reporting of market information. |
| Multisegment Strategy | A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each. |
| Primary Data | New market information that is gathered by the firm conducting the research. |
| Sales Forecast | A prediction of how much of a product or service will be purchased within a market during a specified time period. |
| Secondary Data | Market information that has been previously complied. |
| Segmentation Variables | The parameters used to distinguish one form of market behavior from another. |
| Single-Segment Strategy | A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment. |
| Small Business Marketing | Business activities that direct the creation, development, and delivery of a bundle of satisfaction from the creator to the targeted user and that satisfy the targeted user. |
| Unsegmented Strategy (Mass Marketing) | A strategy that defines the total market as the target market. |
Created by:
dengler
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