Chapter 7: Competition is Everywhere
market opportunity
an identified market with excellent potential based on careful research
non-price competition
occurs when business decide to emphasize factors of their marketing mix other than price
psychographics
people's interests and values
price competition
rivalry among businesses on the basis of price and value
demographics
the descriptive characteristics of a market such as age, gender, race, income, and educational level
consumer perceptions
the images consumers have of competing goods/services in the marketplace
market share
the portion of the total market potential that each company expects in relation to its competitors
market segmentation
the process of dividing a large group of consumers into subgroups based on specific characteristics and common needs
market intelligence
the process of gaining competitive market information
market potential
the total revenue that can be obtained from the market segment
market position
the unique image of a product/service in a consumer's mind relative to similar competitive offerings
indirect competition
when a business competes with other companies offering products that are not in the same product category but that satisfy similar customer needs
direct competition
competition in a market with businesses that offer the same type of product/service
mass marketing
directs a company's marketing mix at a large and heterogeneous group of consumers
benefit segmentation
divides consumers into groups depending on specific values or benefits they expect or require from the use of a product/service
geographic segmentation
dividing consumers into markets based on where they live
trade shows
exhibitions where companies associated with an industry gather to showcase their products
product usage
how frequently consumers use products and the quantity of product used