Chapter 7 Vocab Flashcards
Business Activities that direct the creation, development, and delivery of a bundle of satisfaction from the creator to the targeted user
Small Business Marketing
The fundamental benefit or solution sought by customers
Core Product/Service
The basic Physical Product and/or service that delivers those benefits
Actual Product/Service
The basic product and/or service plus any extra or unsolicited benefits to the consumer that may prompt a purchase
Augmented Product/Service
The process of locating and describing potential customers
Market Analysis
The combination of product/service, pricing, promotion, and distribution activities
Marketing Mix
A description of potential customers in a target market
Customer Profile
The gathering, processing, interpreting, and reporting of market information
Marketing research
Market information that has been previously compiled
Secondary Data
New market information that is gathered by the firm conducting the research
Primary Data
A group of customers or potential customers who have purchasing power and unsatisfied needs
Market
The division of a market into several smaller groups with similar needs
Market Segmentation
The parameters used to distinguish one form of market behavior from another
Segmentation variables
Specific characteristics that distinguish market segments according to the benefits sought by customers
Benefit Variables
Specific characteristics that describe customers, their purchasing power, their consumption patterns, and other factors
Demographic Variables
A strategy that defines the total market as the target market
Unsegmented Market (Mass Market)
A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each
Multi-Segment Strategy
A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment
Single-Segment Strategy
A prediction of how much of a product or service will be purchased within a given market during a specified time period
Sales Forecast
A forecasting method that begins with a large scope variable and works down to the sales forecast
Breakdown Process (Chain-ratio method)
A forecasting method in which all potential buyers in a target market’s submarkets are identified and the estimated demand is added up
Buildup Process
A forecasting method in which sales is the estimated variable
Direct Forecasting
A forecasting method in which variables related to sales are used to predict future sales
Indirect forecasting
