Unit 7 Marketing

mass market

A market that is larger than a market segment.

demographics

Factors such as age, income, education, and gender used to describe a population.

benefit segmentation

Segmentation based on the value customers expect to receive from a product or service.

market share

The total revenue that can be obtained from the market segment.

product feature

Also known as an attribute.

product classification

The method of positioning that involves categorizing a product.

positioning strategy factors

Includes changes in the business environment, consumer perceptions, and competitors in the marketplace.

indirect competition

Competition from businesses offering products that satisfy similar customer needs but are not in the same product category.

price competition

Competition based on the price of products.

market segmentation

The process of dividing a large group of consumers into subgroups based on specific characteristics.

geographic segmentation

Dividing consumers into markets based on where they live.

psychographics

People's interests and values.

market opportunity

An identified market with excellent potential based on careful research.

market potential

The total revenue that can be obtained from the market segment.

market position

The unique image of a product or service relative to similar competitive offerings.

consumer perceptions

The images consumers have of competing goods and services.

indirect competition

Occurs when a business competes with other companies offering products that meet similar customer needs.

price competition

Rivalry among businesses on the basis of price and value.

mass marketing

Directing a company's marketing mix at a large and heterogeneous group of consumers.

demographic characteristics

A market segment can be defined by these types of characteristics.

viable market opportunity

Each segment of a market presents this for a business.

unique image creation

Marketers must create this in the consumer's mind to compete effectively.

price competition

Must be used with direct competitors in today's economy.

consumer usage

Marketers do not need to know how consumers are using their products, as long as they are using them.

indirect competition example

An example is competition between a bowling alley and a video arcade.

attribute competition

The type of competition that stresses convenient location or ample parking.

consumer benefits from competition

There are relatively few of these compared to the benefits businesses receive.

competitor marketing strategies

It is important to learn as much as possible about these to compete effectively.

trade shows

These are legal venues for businesses to gather competitive information.

information source

A publication of a trade or professional association can be used for competitive information.

confidentiality expectations

Companies should communicate these about information to employees, suppliers, and customers.