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
market opportunity an identified market with excellent potential based on careful research
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