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24 Cards in this Set
- Front
- Back
Breakdown Approach
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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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Buildup Approach
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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 total of all the geographic areas considered.
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Business Market
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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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Company Sales Potential
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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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Consumer Market
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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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Differentiated Targeting Strategy
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Firms target several market segments with a different offering for each. This helps diversify the business and therefore lowers the company's overall risk.
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Head-to-Head Positioning
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Competing directly with competitors on similar product attributes in the same target market.
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Heterogeneous Market
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A market made up of individuals or organizations with diverse needs for products in a specific product class.
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Homogeneous Market
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People who are relatively similar to each other in terms of their consumption behavior. Groups that have common needs and will respond similarly to a marketing action.
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Market Potential
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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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Market Segment
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Relatively homogeneous groups of prospective buyers that result from the market segmentation process.
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Market-Product Grid
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A framework to relate the market segments of potential buyers to products offered or potential marketing actions.
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Mass Customization
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Tailoring goods or services to the tastes of individual customers on a high volume scale. It is the next step beyond build to order (BTO).
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Perceptual Map
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Displays in two or more dimensions position of products or brands in the consumer's mind.
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Product Differentiation
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Firms use different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products.
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Product Positioning
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Place a product occupies in consumers' minds on important attributes relative to competitive products.
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Product Repositioning
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Changing the place a product occupies in a consumers mind relative to competitive products.
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Synergy Analysis
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Analyzing the potential benefits of focusing on a product vs. a market segment.
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Undifferentiated Targeting Strategy
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Everyone might be considered a potential user. Focuses on the similarities in needs of the customers as opposed to the differences. Used for many basic commodities, such as salt or sugar.
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Segmentation, targeting, and positioning process
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1. Establish overall strategy or objectives. 2. Segmentation methods. 3. Evaluate segment attractiveness. 4. Select target market. 5. Develop positioning strategy
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Segmentation, targeting, and positioning process
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1. Establish overall strategy or objectives. 2. Segmentation methods. 3. Evaluate segment attractiveness. 4. Select target market. 5. Develop positioning strategy
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Segmentation, targeting, and positioning process
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1. Establish overall strategy or objectives 2. Segmentation methods 3. Evaluate segment attractiveness 4. Select target market. 5. Develop positioning strategy
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Segmentation, targeting, and positioning process
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1. Establish overall strategy or objectives 2. Segmentation methods 3. Evaluate segment attractiveness 4. Select target market 5. Develop positioning strategy
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Steps in segmenting and targeting markets
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1. Group potential buyers into segments
2. Group products to be sold into categories 3. Develop a market-product grid and estimate the size of markets 4. Select target markets 5. Take marketing actions to reach target markets |