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32 Cards in this Set
- Front
- Back
business products |
Goods and services purchased for use either directly or indirectly in the production of other goods and services for resale. |
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concentrated marketing
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Focusing marketing efforts on satisfying a single market segment; also called niche marketing.
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consumer products
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Products bought by ultimate consumers for personal use.
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demographic segmentation
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Division of an overall market into homogeneous groups based on variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family life cycle; also called socioeconomic segmentation.
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differentiated marketing
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Market strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments.
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geographic information systems (GISs)
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Computer systems that assemble, store, manipulate, and display data by their location.
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geographic segmentation
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Division of an overall market into homogeneous groups based on their locations.
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market segmentation
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Division of the total market into smaller, relatively homogeneous groups.
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micromarketing
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Targeting potential customers at very narrow, basic levels, such as by zip code, specific occupation, or lifestyle—possibly even individuals themselves.
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positioning
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Placing a product at a certain point or location within a market in the minds of prospective buyers.
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product-related segmentation
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Division of a population into homogeneous groups based on their relationships to the product.
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psychographic segmentation
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Division of a population into groups that have similar psychological characteristics, values, and lifestyles.
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undifferentiated marketing |
Market strategy that focuses on producing a single product and marketing it to all customers; also called mass marketing. |
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80/20 principle
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Generally accepted rule that 80 percent of a product’s revenues come from 20 percent of its total customers. |
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9/11 Generation
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People in their formative years at the time of the September 11, 2001, terrorist attacks. |
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AIO
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statementsItems on lifestyle surveys that describe various activities, interests, and opinions of respondents. |
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baby boomers |
People born between 1946 and 1965. |
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cohort effect |
Tendency of members of a generation to be influenced and bound together by events occurring during their key formative years—roughly age 17 to 22. |
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consolidated metropolitan statistical area (CMSA)
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Urban area that includes two or more PMSAs. |
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core based statistical area (CBSA)
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Collective term for metropolitan and micropolitan statistical areas. |
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core region |
Region from which most major brands get 40 to 80 percent of their sales. |
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Engel’s laws
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Three general statements about the impact of household income on consumer spending behavior: as household income increases, a smaller percentage of expenditures goes for food; the percentage spent on housing, household operations, and clothing remains constant; and the percentage spent on other items (such as recreation and education) increases. |
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family life cycle |
Process of family formation and dissolution. |
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Market
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Group of people with sufficient purchasing power, authority, and willingness to buy. |
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metropolitan statistical area (MSA)
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Freestanding urban area with a population in the urban center of at least 50,000 and a total MSA population of 100,000 or more. |
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micropolitan statistical area
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Area that has at least one town of 10,000 to 49,999 people with proportionally few of its residents commuting to outside the area. |
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niche marketing |
Marketing strategy that focuses on profitably satisfying a single market segment; also called concentrated marketing. |
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positioning map
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Tool that helps marketers place products in a market by graphically illustrating consumers’ perceptions of competing products within an industry. |
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primary metropolitan statistical area (PMSA) |
Urbanized county or set of counties with social and economic ties to nearby areas. |
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VALS |
Segmentation system that divides consumers into eight psychographic categories: actualizers, fulfilleds, believers, achievers, strivers, experiencers, makers, and strugglers. |
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repositioning
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Changing the position of a product within the minds of prospective buyers relative to the positions of competing products. |
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target market |
Group of people to whom a firm decides to direct its marketing efforts and ultimately its goods and services. |