Chapter 9 Flashcards
Market Segment
The relatively homogeneous groups of prospective buyers that result from the market segmentation process
Product differentiation
Strategy that involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different from and better than competing products
Market-Product Grid
Framework to relative market segments of potential buyers to products offered or potential marketing actions by the firm. (different products for different segments)
Usage rate
Quantity consumed or patronage/store visits/ during a specific period
80/20 rule
80 percent of a firm’s sales are obtained from 20 percent of its customers
Product Positioning
The place an offering occupies in consumer’s minds on important attributes relative to competitive products
Product Repositioning
Changing the the place an offering occupies in a consumer’s mind relative to competitive products
Perceptual Map
A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing actions
Market (industry) potential
The maximum total sales of a product by all firms to a segment during a specified time period under specified environmental conditions and marketing efforts of the firm
Sales (company) forecast
The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
Direct Forecast
Estimating the value to be forecast without any intervening steps
lost-horse forecast
Making a forecast using the last known value and modifying it according to positive or negative factors expected in the future.
Survey of buyer’S intention forecast
Asking prospective customers if they are likely to buy a product during some future time period
Salesforce survey forecast
asking the firm’s salespeople to estimate sales during a coming period
Trend extrapolation
Extending a pattern observed in past data into the future
linear trend extrapolation
The pattern is described with a straight line
