Term
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Definition
| people or organizations with needs or wants and the ability or willingness to buy |
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Definition
| a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
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Term
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Definition
| the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
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Term
| segmentation bases/variables |
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Definition
| characteristics of individuals, groups, or organizations, to divide a total market into segments |
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Term
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Definition
| segmenting markets by region of a country or the world, market size, market density, or climate |
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Definition
| segmenting markets by age, gender, income, ethnic background, and family life cycle |
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Definition
| series of stages determined by a combination of age, marital status, and the presence or absence of children |
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Term
| psychographic segmentation |
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Definition
| market segmentation on the basis of the following psychographic segmentation variables |
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Term
| geodemographic segmentation |
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Definition
| segmenting potential customers into neighborhood lifestyle categories |
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Term
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Definition
| process of grouping customers into market segments according to the benefits they seek from the products |
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Term
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Definition
| divides a market by the amount of product bought or consumed |
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Term
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Definition
| a principle holding that 20 percent of all customers generate 80 percent of the demand |
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Definition
| business customers who place an order with the first familiar supplier to satisfy product and delivery requirements |
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Term
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Definition
| business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one |
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Term
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Definition
| 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 |
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Term
| undifferentiated targeting strategy |
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Definition
| adopts a mass-marketing philosophy; a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix |
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Term
| concentrating targeting strategy |
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Definition
| a strategy used to select one segment of a market for targeting marketing efforts |
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Term
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Definition
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Term
| multisegment targeting strategy |
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Definition
| a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each |
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Term
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Definition
| a situation that occurs when sales of a new product cut into sales of a firm's existing products |
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Term
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Definition
| individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer |
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Term
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Definition
| developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general |
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Term
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Definition
| the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings |
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Term
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Definition
| a positioning strategy that some firms use to distinguish their products from those of competitors |
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Term
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Definition
| a means of displaying or graphing, in 2 or more dimensions, the location of products, brands, or groups of products in customers' minds |
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Term
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Definition
| changing consumers' perception of a brand in relation to competing brands |
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Term
| business/industrial marketing |
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Definition
| the marketing of goods and services to individuals and organizations for purposes other than personal consumption |
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Term
| business-to-business electronic commerce |
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Definition
| the use of the Internet to facilitate the exchange of goods, services, and information between organizations |
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Term
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Definition
| a measure of Web site's effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed dring each visit (site reach) |
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Term
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Definition
| the elimination of intermediaries such as wholesales or distributors from a marketing channel |
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Term
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Definition
| the reintroduction of an intermediary between producers and users |
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Term
| strategic alliance/partnership |
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Definition
| a cooperative agreement between business firms |
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Term
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Definition
| a firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely |
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Term
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Definition
| the condition that exists when one party has confidence in an exchange partner's reliability and integrity |
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Term
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Definition
| a network of interlocking corporate affiliates |
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Term
| original equipment manufacturers |
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Definition
| individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers to consumers |
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Term
| North American Industry Classification System |
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Definition
| a detailed numbering system developed by the U.S., Canada, and Mexico to classify North American business establishments by their main production processes |
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Definition
| the demand for business products |
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Term
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Definition
| the demand for two or more items used together in a final product |
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Term
| multiplier effect (accelerator principle) |
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Definition
| phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product |
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Term
| business-to-business exchange |
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Definition
| an electronic trading floor that provides companies with integrated links to their customers and suppliers |
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Term
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Definition
| a practice whereby business purchases choose to buy from their own customers |
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Term
| major equipment (installations) |
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Definition
| capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings |
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Term
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Definition
| goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment |
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Term
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Definition
| unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish |
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Term
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Definition
| either finished items ready for assembly or products that need processing before becoming part of some other product |
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Term
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Definition
| products used directly in manufacturing other products |
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Term
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Definition
| consumable items that do not become part of the final product |
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Term
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Definition
| expense items that do not become a part of the final product |
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Term
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Definition
| all these people in an organization who become involved in the purchase decision |
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Term
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Definition
| a situation requiring the purchase of a product for the first time |
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Term
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Definition
| a situation in which the purchaser wants some change in the original good or service |
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Term
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Definition
| a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers |
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