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| True or False: A market segment must be defined by its demographic characteristics |
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| True or False: Each segment of a market presents a viable market opportunity for a business. |
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| True or False: In order to compete effectively with other businesses, marketers must create a unique image of their product or service in the consumer’s mind. |
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| True or False: In today’s economy, price competition must be used with direct competitors. |
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| True or False: Marketers do not need to know how consumers are using their products, as long as they are using them. |
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| True or False: An example of indirect competition would be competition between a bowling alley and a video arcade. |
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| True or False: The type of competition that stresses convenient location or ample parking is called attribute competition. |
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Definition
| The process of dividing a large group of consumers into subgroups based on specific characteristics and common needs. |
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| Directs a company's marketing mix at a large and heterogeneous group of consumers. |
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| Dividing consumers into markets based on where they live. |
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Definition
| The descriptive characteristics of a market such as age, gender, race, income, and educational level |
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Definition
| People's interests and values |
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| How frequently consumers use products and the quantity of product used. |
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Definition
| Divides consumers into group depending on specific values or benefits they expect or require from the use of a product or service. |
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| An identified market with excellent potential based on careful research. |
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Definition
| The total revenue that can be obtained from the market segment. |
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| The portion of the total market potential that each company expects in relation to its competitors |
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Definition
| The unique image of a product or service in a consumer's mind relative to similar competitive offerings. |
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| The images consumers have of competing goods and services in the marketplace. |
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Definition
| Competition in a market with businesses that offer the saem type of product or service. |
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| Occurs when a business competes with other companies offering products that are not in the same product category but that satisfy similar customer needs. |
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| Rivalry among businesses on the basis and value |
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Definition
| Occurs when businesses decide to emphasize factors of their marketing miz other than price. |
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Definition
| The process of gaining competitive marketing information. |
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Definition
| Exhibitions where companies associated with an industry gather to showcase their products. |
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Term
| A mass market is ___ than a market segment. |
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Definition
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Term
| Age, income, education, and gender are examples of |
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Definition
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| ____ segmentation is based on the value customers expect to receive from using a product or service. |
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Term
| True or False: All market segments present a market opportunity. |
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Term
| The market _____ is the total revenue that can be obtained from the market segment. |
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| The market _____ is the total revenue that can be obtained from the market segment. |
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Term
| Another name for a product feature is a(n) |
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Term
| When pork developed an image as “the other white meat,” the method of positioning was |
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Definition
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Term
| Which of the following is not one of the areas that typically affects the selection of a positioning strategy? |
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Definition
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Term
| True or False: The most important influence on a company’s positioning decision should be the actions of competitors. |
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Term
| When a supermarket offers prepared meals for consumers to purchase on the way home from work, restaurants would view that as |
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Definition
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| The newspaper ads featuring weekly specials at supermarkets are examples of |
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Definition
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Term
| True or False: A negative effect of competition is that consumer usually end up paying higher prices for products and services |
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Definition
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Term
| Which of the following is not a typical business response to competition? |
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Definition
| Reduce the variety of product choices |
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Term
| True or False: Because businesses using the marketing concept thoroughly understand the needs of a target market, there is little need to gather information about competitors. |
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Definition
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Term
| Which of the following mix elements can be changed very quickly by a competitor? |
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Definition
| All can be changed very quickly |
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Term
| True or False: An example of a change in competitive position is the entry of a new competitor into the market. |
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Definition
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Term
| Marketing ______ is the process of gaining competitive market information. |
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Term
| Which of the following is an unethical source of competitive information? |
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Definition
| Information gathered from searching the trash of a competitor |
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