Entrepreneurship Chapter 12

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 clear identification of the target market and competition.

Indirect Competition

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

Secondary Research

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

Marketing Research

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

Survey

A data-collection method using a questionnaire.

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.

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.

Bot

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

Ethnographic Research

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

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 provide a similar 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.

Scalar Questions

Questions that are answered by some sort of scale.

Dichotomous Questions

Questions that have only two possible choices

Differential Advantage

The characteristic that separates one company from another in product, price, promotion and/ or distribution.

Market Segmentation

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