Chapter 11.4 Flashcards
Data mining
Part of the broader field of business intelligence, is the task of using computer-based technology to evaluate data in a database and identify useful trends.
Business intelligence
Which uses various activities and technologies to gather, store, and analyze data to make better competitive decisions.
Data warehouses
Used by data mining, is a sophisticated customer database that allow managers to combine data from several different organizational functions.
Market segmentation
Is the process of dividing a market into several relatively homogeneous groups.
Geographical segmentation
Dividing a market into homogenous groups on the basis of their locations.
Demographic segmentation
Distinguishes markets on the basis of various demographic or socioeconomic characteristics.
Psychographic segmentation
Divides consumer markets into groups with similar psychological characteristics, values, and lifestyles.
AIO statements
People’s verbal description of various attitudes, interests, and opinions.
Product-related segmentation
Sellers can divide a consumer market into groups based on buyers relationships to the good or service.
Benefits sought
Focuses on the attributes that people seek in a good or service and the benefits they expect to receive from it.
End-use segmentation
Focuses on the precise way a B2B purchaser will use a product.
Product usage rate
Defines categories as heavy users, medium users, and light users.
Brand loyalty
Degree to which consumers recognize, prefer, and insist on a particular brand.
North American Industry Classification System (NAICS)
Provides a common classification system used by the member nations of NAFTA. It divides industries into broad categories such as agriculture, forestry, and fishing; manufacturing; transportation; and retail and wholesale trade.
