Chapter 9 Flashcards
(10 cards)
A concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers.
80/20 Rule
A framework to relate the market-segments of potential buyers to products offered or potential marketing actions by an organization.
market-product grid
Involves aggregating prospective buyers into groups, or segments, that (a) have common needs and (2) will respond similarly to a marketing action.
market segmentation
The relatively homogenous groups of prospective buyers that result from the market segmentation process.
market segments
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, as well as the firm’s own product or brand.
perceptual map
A marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
product differentiation
The place a product occupies in consumers’ minds on important attributes relative to competitive products.
product positioning
Changing the place a product occupies in a consumer’s mind relative to competitive brands.
product repositioning
The quantity consumed or patronage (store visits) during a specific period.
usage rate
a.k.a. as “frequency marketing”
usage rate
