Ch7- Competition is Everywhere
| benefit segmentation |
divides consumers into groups depending on specific values or benefits they expect to require from the use of a product or service |
| consumer perceptions |
the images consumers have of competing goods and services in the marketplace |
| demographics |
the descriptive characteristics of a market such as age, gender, race, income, and educational level |
| direct competition |
competition in a market with businesses that offer the same type of product or service |
| geographic segmentation |
dividing consumers into markets based on where they live |
| indirect competition |
occurs when a business competes with other companies offering products that are not in the same product category but satisfy similar customer needs |
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| market opportunity |
an identified market with excellent potential based on careful research |
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| market segmentation |
the process of dividing a large group of consumers into subgroups based on specific characteristics and common needs |
| market share |
the portion of the total market potential that each company expects in relation to its competitors |
| mass marketing |
directs a company''s marketing mix at a large and heterogeneous group of consumers |
| non-price competition |
when businesses decide to emphasize factors of their marketing mix other than price |
| price competition |
rivalry among businesses on the basis of price and value |
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