Details Title: Chapter 10 Description: CCII Total Flash Cards: 26 Created: 11/04/2008 03:45:14		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term undifferentiated targeting strategy Definition organization defines entire market for particular product as "target market"   single marketing mix     Term homogeneous market Definition large proportion of customers have similar needs Term heterogeneous market Definition individuals/organizations with diverse needs in specific product class Term market segmentation Definition dividing total market into groups relatively similar needs   in order to design marketing mix to match needs  Term market segment Definition individuals, groups, organizations   share one or more similar characteristics, therefor having similiar product needs  Term concentrated targeting strategy Definition marketing segmentation strategy   targets single market segment using one marketing mix  Term differentiated targeting strategy Definition targets two or more segments by developing marketing mix for each segment  Term segmentation variables Definition characteristics of individuals, groups, organizations used to divide market into segments   location age gender etc...  Term Demographic variables   Definition aggregate population characteristics   Age Gender  Race Income     ****family life cycle**** -increase # of: single mom households women (20-24) never been married  median marrying age (women) has risen     Term Most popular snack bar in the country Definition Kellog's Rice Krispies Treats *convenience/easy portability - appeals to women (50.8%) population     Term Definition Term Definition Term Geographic Variables Definition climate terrain city size population density urban/rural areas  Term market density Definition # of potential customers within a unit of land area Term Geodemographic segmentation Definition   method of marketing segmentation * clusters people in zip code areas/smaller neighborhood units based on lifestyly & demographics  Term micromarketing   Definition organizations focus precisely on very small geographic markets  Term Definition Term Psychographic Variables Definition personality characteristics, motives, lifestyles Term benefit segmentation Definition *Behavioristic Variables*    division of market   according to benefits consumers want from product   Term Market segment profile Definition describes similarities in potential customers within segment   &   differences in different segments  Term Sales Estimates Definition potential sales can be measured along: - product level - geographic area - level of competition  - time  Term market potential Definition total amount of product customers will purchase w/in some time period  at specific level of marketing activity (industrywide) Term Company Sales potential Definition   max % of market potential firm can expect in industry Term breakdown approach Definition measures sales potential   marketing manager: 1) develops economic forecast 2) estimates potential based on forecast 3) derives sales potential from both  Term buildup approach Definition measure sales potential   marketing manager: 1) Estimates amount of sold product to potential client in some geographic area 2) Multiply x total # of potential buyers in area 3) Add all areas' products Term Definition