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MKT 301 - Ch. 6 - University of Louisville

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Section 1

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Geodemographic Segmentation

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4 years ago

Date created

Mar 14, 2020

Cards (35)

Section 1

(35 cards)

Geodemographic Segmentation

Front

a method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information

Back

Market Segmentation

Front

the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs

Back

Segmentation Variables

Front

Characteristics of individuals, groups, or organizations used to divide a market into segments

Back

Market Potential

Front

the total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity

Back

Expert Forecasting Survey

Front

sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors

Back

Concentrated Targeting Strategy

Front

a market segmentation strategy in which an organization targets a single market segment using one marketing mix

Back

Company Sales Potential

Front

the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product

Back

Undifferentiated Targeting Strategy

Front

a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product

Back

Cycle Analysis

Front

an analysis of sales figures for a three-to-five year period to ascertain whether sales fluctuate in a consistent, periodic manner

Back

Homogeneous Market

Front

a market in which a large proportion of customers have similar needs for a product

Back

Differentiated Targeting Strategy

Front

a strategy in which an organization targets two or more segments by developing a marketing mix for each segment

Back

Business Market

Front

individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations

Back

Geographic Variables

Front

- Region - Urban, Suburban, Rural - City Size - County Size - State Size - Market Density - Climate - Terrain

Back

Micromarketing

Front

an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets

Back

Market Segment

Front

individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs

Back

Market Test

Front

making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts

Back

Psychographic Variables

Front

- Personality Attributes - Motives - Lifestyles

Back

Breakdown Approach

Front

measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it

Back

Delphi Technique

Front

a procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts

Back

Sales Forecast

Front

the amount a product a company expects to sell during a specific period at a specified level of marketing activities

Back

Market Density

Front

the number of potential customers within a unit of land area

Back

Buildup Approach

Front

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.

Back

Seasonal Analysis

Front

An analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales

Back

Customer Forecasting Survey

Front

a survey of customer regarding the types and quantities of products they intend to buy during a specific period

Back

Benefit Segmentation

Front

the division of a market according to benefits that consumers want from the product

Back

Regression Analysis

Front

a method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income

Back

Consumer Market

Front

purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits.

Back

Heterogeneous Market

Front

a market made up of individuals or organizations with diverse needs for products in a specific product class

Back

Demographic Variables

Front

- Age - Gender - Race - Ethnicity - Income - Education - Occupation - Family Size - Family Life Cycle - Religion - Social Class

Back

Time Series Analysis

Front

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 factory analyses

Back

Sales Force Forecasting Survey

Front

a survey of a firm's sales force regarding anticipated sales in their territories for a specified period

Back

Trend Analysis

Front

an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales

Back

Behavioristic Variables

Front

- Volume Usage - End Use - Benefit Expectations - Brand Loyalty - Price Sensitivity

Back

Random Factor Analysis

Front

an analysis attempting to attribute erratic sales variations to random, nonrecurrent events

Back

Executive Judgement

Front

a sales forecasting method based on the intuition of one or more executives

Back