major segmentation variables (4)
(1) geographic, (2) demographic, (3) psychographic, (4) behavioral
penetrated market
set of customers who are
... [Show More] buying the company's product
target market
qualified available market the company decides to pursue
available market
set of consumers who have interest, income, and access to a particular offer
potential market
set of consumer with a sufficient level of interest in a market offer
corporate culture
shared experiences, stories, beliefs, & norms that characterize an organization
strategic marketing plan
lays out the target market and the firm's value proposition, based on an analysis of the best market opportunities
5 stages of consumer buying process decision process
(1) need recognition, (2) information search, (3) evaluation of alternatives, (4) purchase decision, (5) post-purchase behavior
8 steps of business purchasing process
(1) identify need, (2) select specific product, (3) appoint purchase team, (4) specify technicalities, (5) budget for purchase, (6) research potential suppliers, (7) solicit bids, (8) award contracts
4 factors influencing consumer behavior
(1) cultural, (2) social, (3) personal, (4) psychological
4 factors that influence business purchasing behavior
(1) environmental, (2) organizational, (3) interpersonal, (4) individual
competitive intelligence
defining, gathering, analyzing, & distributing intelligence about products, customers, competitors, and any aspects of the environment needed to support executives & managers making strategic decisions for an organization
managerial decision making process steps (6)
(1) establish the objective, (2) define the problem, (3) identify possible solutions, (4) evaluate alternative courses of action, (5) implement the decision, (6) acquire feedback
8 major models of marketing communication
(1) advertising, (2) sales promotion, (3) events & experiences, (4) public relations & publicity, (5) direct marketing, (6) interactive marketing, (7) word-of-mouth marketing, (8) personal selling
pull strategy
the manufacturer uses advertising and other communication to persuade consumers to demand the product from intermediaries, thus inducing intermediaries to order it
push strategy
uses the manufacturer's sales force, trade promotion money, or other means to induce intermediaries to carry, promote, & sell the product to end users [Show Less]