MGT 4113 Ch. 12

Undifferentiated Strategy

A marketing strategy that uses no segmentation; assumes that all consumers have virtually identical needs and can be reached by the same marketing mix.

Focus Group

A form of data gathering using a small group led by a moderator.

Concentrated Strategy

A marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group.

Differentiated Strategy

A marketing strategy in which a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs.

Marketing Plan

A systematic written plan of all phases of marketing for a business, including information on the product, price, distribution, and promotion strategy, as well as a clear identification of the target market and competition.

Bot

A web-based program that uses A.I. techniques to automate tasks such as searches.

Indirect Competition

Companies that provide alternatives that are dissimilar to your product/service that consumers might choose to meet a similar need.

Ethnographic Research

Data gathered by simple observation- seeing what customers do, rather than asking them.

Secondary Research

Information already collected for some other purpose than the current problems or questions

Primary Research

New information collected to solve a problem at hand or answer current questions.

Direct Competition

Other companies that make a similar product or service.

Open-Ended Questions

Questions that allow respondents to express themselves as they choose.

Categorical Questions

Questions that are answered by selecting the proper category. Ex: "What is your ethnicity? White, African American, Hispanic, Asian, American Indian, Other"

Scalar Questions

Questions that are answered by some sort of scale; for example, "On a scale of 1 to 5, how do you like this book?"

Dichotomous Questions

Questions that only have two possible choices; for example "Have you shopped here before?"

Marketing Research

Systematic collection and interpretation of data to support future marketing decisions.

Market Segmentation

The process of dividing the market into groups that have somewhat homogenous needs for a product or service.