Chapter 7 Review

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market opportunity

an identified market with excellent potential based on careful research

A negative effect of competition is that consumer usually end up paying higher prices for products and services.

False

All market segments present a market opportunity.

False

An example of indirect competition would be competition between a bowling alley and a video arcade.

False

Because businesses using the marketing concept thoroughly understand the needs of a target market, there is little need to gather information about competitors.

False

In today's economy, price competition must be used with direct competitors.

False

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

False

benefit segmentation

divides consumers into groups depending on specific values or benefits they expect to require from the use of a product or 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

Which of the following mix elements can be changed very quickly by a competitor?

All can be changed very quickly.

demographics

the descriptive characteristics of a market such as age, gender, race, income, and educational level

Which of the following is not a typical business response to competition?

Reduce the variety of product choices.

Each segment of a market presents a viable market opportunity for a business.

True

Which of the following is not one of the areas that typically affects the selection of a positioning strategy?

Pricing

A market segment must be defined by its demographic characteristics

True

An example of a change in competitive position is the entry of a new competitor into the market.

True

In order to compete effectively with other businesses, marketers must create a unique image of their product or service in the consumer's mind.

True

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

True

The most important influence on a company's positioning decision should be the actions of competitors.

True

direct competition

competition in a market with businesses that offer the same type of product or service

mass marketing

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

product usage

how frequently consumers use products and the quantity of product used

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

psychographics

people''s interests and values

price competition

rivalry among businesses on the basis of price and value

consumer perceptions

the images consumers have of competing goods and 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 or service in a consumer''s mind relative to similar competitive offerings

non-price competition

when businesses decide to emphasize factors of their marketing mix other than price


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