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Small Business Ch 7

Small Business Management Ch 7

QuestionAnswer
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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