Chapter 9-Market Segmentation

Question 1

Market Segments

Answer 1

relatively homogeneous groups of prospective buyers that result from the market segmentation process

Question 2

Product Differentiation

Answer 2

Strategy that involved 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

Question 3

Market-Product Grid

Answer 3

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by the firm

Question 4

Usage rate

Answer 4

Quantity consumed of patronage, store visits, during a specific period varies significantly among different customer groups

Question 5

80/20 rule

Answer 5

Concept the suggests 80% of a firms sales are obtained from 20% of its customer

Question 6

Product Positioning

Answer 6

The place offering occupies in consumers mind s on important attributes relative to competitve products

Question 7

Product Responsibility

Answer 7

Changing the place an offering occupies in a consumers mind relative to competive products

Question 8

Perceptual Map

Answer 8

A means of displaying or graphing in two dimensions the location of products or brands in minds of consumers to to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing actions

Question 9

Marketing Potential

Answer 9

The maximum total sales of a product by all firms to a segment during a specified time period under a specified environmental conditions and marketing efforts of the firms q

Question 10

Sales Forecast

Answer 10

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

Question 11

Direct Forecast

Answer 11

Estimating value without any intervening steps

Question 12

Lost-Horse Forecast

Answer 12

Making a forecast using the last known value and modifying it accordingly (+-)

Question 13

Survey of Buyer Intentions

Answer 13

Asking prospective buyers if they are likely to buy a product in the future time periods

Question 14

Salesforce Survey Forecast

Answer 14

Asking the firms salespeople to estimate sales during a coming period

Question 15

Trend Extrapolation

Answer 15

Extending a pattern observed in past data into the future

Question 16

Linear Trend Extrapolation

Answer 16

The pattern is described with a straight line