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63 Cards in this Set
- Front
- Back
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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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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undifferentiated targeting strategy
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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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homogeneous market
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a market in which a large proportion of customers have similar needs for a product
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heterogeneous markets
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markets made up of individuals or organizations with diverse needs for products in a specific product class
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market segmentation
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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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market segment
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individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs
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concentrated targeting strategy
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a strategy in which an organization targets a single market segment using one marketing mix
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differentiated targeting strategy
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a strategy in which an organization targets two or more segments by developing a marketing mix for each
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segmentation variables
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characteristics of individuals, groups, or organizations used to divide a market into segments
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market density
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the number of potential customers within a unit of land area
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geodemographic segmentation
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marketing segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information
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micromarketing
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an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
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benefit segmentation
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the division of a market according to benefits that customers want from the product
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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 industry wide marketing activity
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company sales potential
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the maximum percentage of market potential that an individual firm can expect to obtain for a specific product
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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 totals of all the geographic areas considered.
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sales forecast
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the amount of a product a company expects to sell during a specific period at a specified level of marketing activities
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executive judgment
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sales forecasting based on the intuition of one or more executives
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customer forecasting survey
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a survey of customers regarding the types and quantities of products they intend to buy during a specific period
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sales fore forecasting survey
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a survey of a firm's sales force regarding anticipated sales in their territories for a specified period
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expert forecasting survey
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sales forecasts prepared by experts such as economists, management consultants, advertising executives, college professors, or other persons outside the firm
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Delphi technique
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a procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
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time-series analysis
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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 analyses
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trend analysis
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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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cycle analysis
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an analysis of sales figures for a period of three to five years to ascertain whether sales fluctuate in a consistent, periodic manner
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seasonal analysis
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an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
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random factor analysis
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an analysis attempting to attribute erratic sales variation to random, non-recurrent events
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regression analysis
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a method of predicting sales based on finding a relationship between past sales and one or more variables, such as population or income
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market test
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making a product available to buyers in one or more test areas and measuring purchases and consumer responses
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producer markets
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individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations
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reseller markets
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intermediaries who buy finished goods and resell them for profit
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government markets
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Federal, state, county, and local governments that buy goods and services to support their internal operations and provide products to their constituencies
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institutional markets
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organizations with charitable, educational, community, or other nonbusiness goals
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reciprocity
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an arrangement unique to business marketing in which two organizations agree to buy from each other
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new-task purchase
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an initial purchase by an organization of an item to be used to perform a new job or solve a new problem
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straight-rebuy purchase
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a routine purchase of the same products under approximately the same terms of sale by a business buyer
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modified-rebuy purchase
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a new-task purchase that is changed on subsequent orders or when the requirements of a straight-rebuy purchase are modified
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derived demand
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demand for industrial products that stems from demand for consumer products
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inelastic demand
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demand that is not significantly altered by a price increase or decrease
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joint demand
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demand involving the use of two or more items in combination to produce a product
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business (organizational) buying behavior
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The purchase behavior of producers, government units, institutions, and resellers.
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Buying center
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the people within an organization, including users, influencers, buyers, deciders, and gatekeepers, who make business purchase decisions.
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value analysis
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an evaluation of each component of a potential purchase
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vendor analysis
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a formal, systematic evaluation or current and potential vendors
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multiple sourcing
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an organization's decision to use several suppliers
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sole sourcing
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an organizations decision to use only one supplier
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North American Industry Classification System (NAICS)
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An industry classification system that will generate comparable statistics amount the United States, Canada, and Mexico
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good
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a tangible physical entity
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service
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an intangible result of the application of human and mechanical efforts to people or objects
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idea
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a concept, philosophy, image, or issue
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consumer products
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products purchased to satisfy personal and family needs
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business products
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Products bought to use in an organization's operations, to resell, or to make other products
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convenience products
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relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
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shopping products
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Items for which buyers are willing to expend considerable effort in planning and making purchases
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specialty products
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Items with unique characteristics that buyers are willing to expend considerable effort to obtain
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unsought products
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Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying
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installations
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Facilities and nonportable major equipment
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Accessory equipment
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Equipment that does not become part of the final physical product but is used in production or office activities
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Raw materials
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basic natural materials that become part of a physical product
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component parts
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items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly
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process materials
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materials that are used directly in the production of other products but are not readily identifiable
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