Shared Flashcard Set

Details

BA 350
Chapter 6
33
Business
Undergraduate 3
04/06/2011

Additional Business Flashcards

 


 

Cards

Term
Consumer Market
Definition
purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
Term
Business Market
Definition
individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
Term
Undifferentiated Targeting Strategy
Definition
a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
Term
Homogeneous Market
Definition
a market in which a large proportion of customers have similar needs for a product
Term
Heterogeneous Market
Definition
a market made up of individuals or organizations with diverse needs for products in a specific product class
Term
Target Market Selection Process
Definition
1) Identify the appropriate targeting strategy

2) Determine which segmentation variables to use

3) Develop market segment profiles

4) Evaluate relevant market segments

5) Select specific target markets

Term
Market Segmentation
Definition
the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
Term
Market Segment
Definition
individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
Term
Concentrated Targeting Strategy
Definition
a market segmentation strategy in which an organization targets a single market segment using one marketing mix
Term
Differentiated Targeting Strategy
Definition
a strategy in which an organization targets two or more segments by developing a marketing mix for each segment
Term
Segmentation Variables
Definition
characteristics of individuals, groups, or organizations used to divide a market into segments
Term
Market Density
Definition
the number of potential customers within a unit of land area
Term
Geodemographic Segmentation
Definition
a method of marketing segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information
Term
Micromarketing
Definition
an approach to marketing segmentation in which organizations focus precise marketing efforts on very small geographic markets
Term
Benefit Segmentation
Definition
the division of a market according to benefits that consumers want from the product
Term
Market Potential
Definition
the total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity
Term
Company Sales Potential
Definition
the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product
Term
Breakdown Approach
Definition
measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it
Term
Buildup Approach
Definition
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 areas considered
Term
Product Positioning
Definition
creating and maintaining a certain concept of a product in customers' minds
Term
Sales Forecast
Definition
the amount of a product a company expects to sell during a specific period at a specific level of marketing activities
Term
Executive Judgment
Definition
a sales forecasting method based on the intuition of one or more executives
Term
Customer Forecasting Survey
Definition
a survey of customers regarding the types and quantities of products they intent to buy during a specific period
Term
Sales Force Forecasting Survey
Definition
a survey of a firm's sales force regarding anticipated sales in their territories for a specified period
Term
Expert Forecasting Survey
Definition
sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors
Term
Delhip Technique
Definition
a procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
Term
Time Series Analysis
Definition
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 analysis
Term
Trend Analysis
Definition
an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
Term
Cycle Analysis
Definition
an analysis of sales figures for a three- to five-year period to ascertain whether sales fluctuate in a consistent, periodic manner
Term
Seasonal Analysis
Definition
an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
Term
Random Factor Analysis
Definition
an analysis attempting to attribute erratic sales variations to random, nonrecurring events
Term
Regression Analysis
Definition
a method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income
Term
Market Test
Definition
making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts
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