Term
|
Definition
| People or organizations with needs or wants and the ability and willingness to buy |
|
|
Term
|
Definition
| A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
|
|
Term
|
Definition
| the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
|
|
Term
|
Definition
| a situation that occurs when sales of a new product cut into sales of a firm's existing products |
|
|
Term
|
Definition
Substantiality- must be large enough to warrant developing and maintaining a special marketing mix
Identifiability & Measurability- must be identifiable and their size measurable
Accessibility- firm must be able to reach members of targeted segments with customized marketing mixes.
Responsiveness- must have similar responses to marketing |
|
|
Term
| Bases for Segmenting (major categories) |
|
Definition
Characteristics of individuals, groups, or organizations, to divide a total market into segments.
Geographic- region of country, market size, density, or climate
Demographic- age, gender, income, ethnic background, & family life cycle
Psychographic- personality, motives, lifestyles, and geodemographics
Geodemographic- neighborhood lifestyle categories
Benefit- segments based on benefits they seek from a product
Usage-rate- dividing a mkt by the amy of product bought or consumed |
|
|
Term
|
Definition
| 20% of all customers generate 80% of the demand |
|
|
Term
|
Definition
1 Select a market/product category for study
2 Choose a basis or bases for segmenting the mkt
3 Select segmentation descriptors
4 Profile and analyze segments
5 Select target markets
6 Design, implement, & maintain appropriate marketing mixes |
|
|
Term
|
Definition
| A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges |
|
|
Term
| Strategies for Selecting Target Markets |
|
Definition
Undifferentiated Targeting- views the mkt as one big mkt with no individual segments & thus uses a single mkting mix
Concentrated Targeting- selects one segment of a mkt for targeting mkting efforts
Multisegment Targeting- chooses two or more well-defined mkt segments & develops a distinct mkting mix for each |
|
|
Term
|
Definition
| An individualized marketing method that utilizes customer information to build LT, personalized, & profitable relationships with each customer |
|
|
Term
|
Definition
| the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings |
|
|
Term
|
Definition
| developing a specific marketing mic to influence potential customers' overall perception of a brand, product line, or organization in genera; |
|
|
Term
|
Definition
| Changing consumers' perceptions of a brand in relation to competing brands |
|
|
Term
|
Definition
| a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds. |
|
|
Term
|
Definition
| A positioning strategy that some firms use to distinguish their products from those competitors |
|
|
Term
|
Definition
| An interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions |
|
|
Term
|
Definition
| The creation of a large computerized file of customers' and potential customers' profiles and purchase patterns |
|
|
Term
|
Definition
| The process of planning, collecting, and analyzing data relevant to a marketing decision |
|
|
Term
|
Definition
| Information that is collected for the first time; used for solving the particular problem under investigation |
|
|
Term
|
Definition
| Data previously collected for any purpose other than the one at hand |
|
|
Term
| Marketing Research Aggregator |
|
Definition
| A company that acquires, catalogs, reformats, segments, and resells reports already published by marketing research firms |
|
|
Term
|
Definition
| Specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed |
|
|
Term
|
Definition
| The most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts. opinions, and attitudes. |
|
|
Term
|
Definition
| encourage answers phrased in respondents' own words |
|
|
Term
|
Definition
| ask respondents to make a selection from a limited list of responses |
|
|
Term
|
Definition
| Relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity |
|
|
Term
|
Definition
| A method a researcher uses to gather primary data |
|
|
Term
|
Definition
| A subset from a larger population |
|
|
Term
|
Definition
| The population from which a sample will be drawn |
|
|
Term
|
Definition
| A sample in which every element in the population has a known statistical likelihood of being selected |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Any sample in which little or no attempt is made to get a representative cross section of the population |
|
|
Term
| Nonprobability Sample Types |
|
Definition
|
|
Term
|
Definition
| A method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions |
|
|
Term
|
Definition
| A scanner-based research program that tracks the purchases of 3,000 households through store scanners in each research market |
|
|
Term
|
Definition
| An intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors |
|
|
