Term
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Definition
| purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits |
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Term
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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 |
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Term
| Undifferentiated Targeting Strategy |
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Definition
| a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product |
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Term
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Definition
| a market in which a large proportion of customers have similar needs for a product |
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Term
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Definition
| a market made up of individuals or organizations with diverse needs for products in a specific product class |
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Term
| Target Market Selection Process |
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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 |
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Term
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Definition
| the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs |
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Term
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Definition
| individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs |
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Term
| Concentrated Targeting Strategy |
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Definition
| a market segmentation strategy in which an organization targets a single market segment using one marketing mix |
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Term
| Differentiated Targeting Strategy |
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Definition
| a strategy in which an organization targets two or more segments by developing a marketing mix for each segment |
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Term
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Definition
| characteristics of individuals, groups, or organizations used to divide a market into segments |
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Term
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Definition
| the number of potential customers within a unit of land area |
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Term
| Geodemographic Segmentation |
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Definition
| a method of marketing segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information |
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Term
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Definition
| an approach to marketing segmentation in which organizations focus precise marketing efforts on very small geographic markets |
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Term
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Definition
| the division of a market according to benefits that consumers want from the product |
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Term
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Definition
| the total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity |
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Term
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Definition
| the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product |
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Term
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Definition
| measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it |
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Term
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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 |
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Term
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Definition
| creating and maintaining a certain concept of a product in customers' minds |
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Term
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Definition
| the amount of a product a company expects to sell during a specific period at a specific level of marketing activities |
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Term
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Definition
| a sales forecasting method based on the intuition of one or more executives |
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Term
| Customer Forecasting Survey |
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Definition
| a survey of customers regarding the types and quantities of products they intent to buy during a specific period |
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Term
| Sales Force Forecasting Survey |
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Definition
| a survey of a firm's sales force regarding anticipated sales in their territories for a specified period |
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Term
| Expert Forecasting Survey |
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Definition
| sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors |
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Term
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Definition
| a procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts |
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Term
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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 |
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Term
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Definition
| an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales |
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Term
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Definition
| an analysis of sales figures for a three- to five-year period to ascertain whether sales fluctuate in a consistent, periodic manner |
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Term
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Definition
| an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales |
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Term
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Definition
| an analysis attempting to attribute erratic sales variations to random, nonrecurring events |
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Term
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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 |
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Term
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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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