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| Cross-tabulation | The method of comparing the responses to one question with the responses to another | |
| Delphi technique | The procedure of environmental forecasting by a group of experts who are solicited anonymously and asked to predict the likelihood and time of occurrence of significant events | |
| Experimental method | The method based on the study of the relationship between two or more variables under controlled conditions | |
| Focus group | A small number of ‘typical’ consumers who discuss their reactions to a product concept in the presence of a group leader | |
| Forecasting | The prediction of what buyers in a target market are likely to do under a given set of conditions, such as the prediction of how much of a product will be purchased by a particular market segment given a particular price of the product | |
| Historical and quantitative forecasts | A projection of future sales based on sales patterns and/or mathematical calculations | |
| Judgement forecast | The prediction rely upon the opinions of informed participants or outside consultants | |
| Audiometer | An electric measurement device that is hooked to a television set to record when the set is turned on and the channel to which it is tuned | |
| Benchmark measures | Measures of a target audience’s status concerning response hierarchy variables such as awareness, knowledge, image, attitudes, preferences, intentions, or behaviour. These measures are taken at the beginning of an advertising or promotional campaign to determine the degree to which a target audience must be changed or moved by a promotional campaign | |
| Prospecting | A systematic process of identifying new buyers | |
| Irregular events | (1) Random events such as acts of God (e.g. earthquakes, fires, floods). (2) Windfall sales contracts | |
| Consumer juries | A method of pretesting advertisements by using a panel of consumers who are representative of the target audience and provide ratings, rankings, and/or evaluations of advertisements | |
| Strategic planning | The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunites. It involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio, and coordinationg functional strategies | |
| Mission statement | A statement of teh organization’s purpose—what it wants to accomplish in the larger environment | |
| Business portfolio | The collection of business and products that make up the company | |
| Portfolio analysis | A tool by which management identifies and evaluates that various businesses that make up the company | |
| Strategic Business Unit (SBU) | A unit of the company that has a separate mission and objectives and that can be planned independently from other company business. An SBU can be a company division, a product line within a division, or sometimes a single product or brand | |
| Growth-share matrix | A portfolio-planning method that evaluates a company’s strategic business units in terms of their market growth rate and relative market share. SBU’s are classified as stars, cash cows, question marks, or dogs | |
| Product-market expansion grid | A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification | |
| Market penetration | A strategy for company growth by increasing sales of current products to current market segments without changing the product | |
| Market development | A strategy for company growth by identifying and developing new market segments for current company products | |
| Product development | A strategy for company growth by offering modified or new products to current market segments. Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product | |
| Diversification | A strategy for company growth by starting up or acquiring businesses outside the company’s current products and markets | |
| Marketing process | The process of (1) analysing marketing opportunities, (2) selecting target markets, (3) developing the marketing mix, and (4) managing the marketing effort | |
| Demand or market levels | population, potential, available, qualified, served, and penetrated | |
| Company strategies | low cost, differentiation, focusing | |
| Market strategies | positioning, innovation, life cycle, competition, global reach | |
| Homogeneity and heterogeneity | extremes of consistency influencing pricing, targeting, and a size of target segment for product | |
| Competitive strategies | challenger, competitive position, market leader, follower, nicher | |
| Ansoff matrix | penetration, diversification and development of products and markets depending on new or mature markets or products | |
| Portfolio | A collection of businesses owned and managed by a parent corporation | |
| Individualized portfolio techniques | Portfolio techniques which develop specific company definitions of business strength, and of market attractiveness, rather than using the simpler definitions of the Boston Consulting group for those factors of market share and market growth | |
Stars |
A company‘s ‚big winners‘– business that hold high relative market shares in high-growth markets | |
Strategy |
The major objectives of the organisation and a general plan for achieving these objectives | |
Strategic management |
The management of a strategy; it involves at least four steps, i.e. analysing, planning, implementing, and control | |
| 80/20 principle | A “law” which states that 80 percent of business in a territory comes from 20 percent of accounts- and, controversially, that only 20 percent of business comes from the other 80 percent of accounts (which is in reality only approximate) | |
| Marketing strategy | An overall statement of an organisation‘s goals in terms of markets (Who are our customers) and products (What are we selling) The marketing logic by which the business unit hopes to achieve its marketing objectives | |
| Strategic business unit | A single business with its own unique goal or mission, its own products or services, its own identifiable group of customers, its own competitors, its own resources, and a responsible manager | |
| Strategic control | The control of major strategy directions | |
| Market segmentation | (1) The division of large, dissimilar populations into smaller, more similar groups. (2) The process of subdividing large, heterogonous (dissimilar) whole markets into smaller, homogenous (similar) parts of submarkets Dividing a market into distinct groups of buyers on the basis of needs, characteristics, or behaviour who might require separate products or marketing mixes | |
| Market segment | A group of consumers who respond in a similar way to a given set of marketing efforts | |
| Segment marketing | Isolating broad segments that make up a market and adapting the marketing to match the needs of one or more segments | |
| Niche marketing | Focusing on sub segments or niches with distinctive traits that may seek a special combination of benefits |