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Definition
| Facilitating a relationship between buyer and seller. |
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| Denotes a growth direction through the increase in market share for present product markets. |
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| Refers to creating new products to replace existing ones. |
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| Refers to finding new customers for existing products. |
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| Refers to developing new products and cultivating new markets. |
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| The group or segment that a company selects to market to. |
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| Data collected through first hand experience. |
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| Data collected by someone other than the user. Published data or data collected in the past. |
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| The process of dividing a market into groups of similar consumers and selecting the most appropriate groups for the firm to serve. |
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| The benefits people are seeking in consuming a given product are the basic reasons for existence of true market segments. It attempts to measure consumer value systems and consumer perceptions of various brands in a product class. |
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| Consumers are divided into groups according to their knowledge of, attitude towards, use of or response to a product |
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| Psychographic Segmentation |
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Definition
| the science of using psychology and demographics to better understand consumers. Psychographic segmentation: consumers are divided according to their lifestyle, personality, values and social class. |
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| Geodemographic Segmentation |
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Definition
| A multivariate statistical classification technique for discovering whether the individuals of a population fall into different groups by making quantitative comparisons of multiple characteristics with the assumption that the differences within any group should be less than the differences between groups. |
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| A visual depiction of customer perceptions of competitive products, brands, or models. |
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Definition
| When a consumer buys an identical good for an identical price under the identical conditions. |
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| Purchased frequently with minimum effort, such as food. |
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| Unique in some way so the consumer will make a special purchase effort to obtain them. |
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Definition
| Shopping goods, such as appliances, which are purchased after some time and energy are spent comparing the various offerings |
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Definition
| Establish a market and persuade early adopters to buy. High quality, good brand. High pricing to recover cost or low to build demand. Limited channels. Educational promotion. |
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Definition
| Build sales and market share, develop preference for brand. Add services to enhance product value. Higher pricing due to heavy demand. Greater number of channels for demand. Aimed at wider audience with focus on brand benefits. |
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Definition
| Defend market share. Add features and quality to distinguish self from competitors. Low pricing in face of competition. Greater number of channels. Promotion focusing on differentiating brand from competition. |
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Definition
| Limit costs or seek ways to revive sales. Seek way to make product new again. Low pricing to sell off inventory or high pricing to serve niche market. Limited channels. Minimal promotion. |
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Term
| Why do most new products fail? |
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Definition
| Lack of identifying needs and wants. |
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Definition
| Products that are inventions and create a whole new market. For example, Sony Walkman, Polaroid Camera |
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Definition
| These are products that extend existing product lines to current markets such as Bud Light or Apple's iMac. |
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Definition
| These are current products that are made better. Virtually every product on the market has been improved, often many times. |
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Definition
| Products that are retargeted for a new use or application. Aspirin has been repositioned as a safeguard against heart attacks. |
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Definition
| Involve aiming promotional efforts at distributors, retailers, and sales personnel to gain their cooperation in ordering, stocking, and accelerating the sales of a product. |
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Definition
| Involve aiming promotional efforts directly at customers to encourage them to ask the retailer for the product. |
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Term
| Intensive Distribution Strategy |
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Definition
| The producer's products are stocked in the majority of outlets. This strategy is common for basic supplies, snack foods, magazines and soft drink beverages. |
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Term
| Selective Distribution Strategy |
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Definition
| The producer relies on a few intermediaries to carry their product. This strategy is commonly observed for more specialized goods that are carried through specialist dealers, for example, brands of craft tools, or large appliances. |
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| Exclusive Distribution Strategy |
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Definition
| The producer selects only very few intermediaries.[1] Exclusive distribution is often characterized by exclusive dealing where the reseller carries only that producer's products to the exclusion of all others. This strategy is typical of luxury goods retailers such as Gucci. |
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Definition
| Setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers. |
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| A marketer sets a relatively high price for a product or service at first, then lowers the price over time. |
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| Offering several products for sale as one combined product. |
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| Business expenses that are not dependent on the level of goods or services produced by the business |
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| A buying situation in which an individual or organisation buys goods that have been purchased previously but changes either the supplier or some other element of the previous order |
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Definition
| An organizational buying situation in which the organization has had no previous experience with the purchase of product of the kind required |
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