MKTG 321 CH 6 Flash Cards.txt

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MKTG 321 CH 6 Flash Cards.txt
2013-09-29 17:59:50
MKTG 321

MKTG 321 CH 6
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  1. Consumer Market
    Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
  2. Business Market
    Individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
  3. Undifferentiated Targeting Strategy
    A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
  4. Homogeneous Market
    A market in which a large proportion of customers have similar needs for a product
  5. Heterogeneous Market
    A market made up of individuals or organizations with diverse needs for products in a specific product class
  6. Market Segmentation
    The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
  7. Market Segment
    Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
  8. Differentiated Targeting Strategy
    A strategy in which an organization targets two or more segments by developing a marketing mix for each segment
  9. Segmentation Variables
    Characteristics of individuals, groups, or organizations used to divide a market into segments
  10. Market Density
    The number of potential customers within a unit of land area
  11. Geodemographic Segmentation
    A method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information
  12. Micromarketing
    An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
  13. Benefit Segmentation
    The division of a market according to benefits that consumers want from the product
  14. Market Potential
    The total amount of a product that customers will purchase within a specified period at a specific level of industry-wide marketing activity
  15. Company Sales Potential
    The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product
  16. Breakdown Approach
    Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it
  17. Buildup Approach
    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
  18. Sales Forecast
    The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
  19. Executive Judgment
    A sales forecasting method based on the intuition of one or more executives
  20. Customer Forecasting Survey
    A survey of customers regarding the types and quantities of products they intend to buy during a specific period
  21. Sales Force Forecasting Survey
    A survey of a firm's sales force regarding anticipated sales in their territories for a specified period
  22. Expert Forecasting Survey
    Sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors
  23. Delphi Technique
    A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
  24. Time Series Analysis
    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 analyses
  25. Trend Analysis
    An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
  26. Cycle Analysis
    An analysis of sales figures for a three- to five year period to ascertain whether sales fluctuate in a consistent, periodic manner
  27. Seasonal Analysis
    An analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
  28. Random Factor Analysis
    An analysis attempting to attribute erratic sales variations to random, nonrecurring events
  29. Regression Analysis
    A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income
  30. Market Test
    Making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts