2Cs: Competition & the consumer market Flashcards
1
Q
Give examples of demographics
A
- Gender
- Income
- Age
- Ethnicity and culture
- Family
2
Q
What is market share?
A
“The percentage that the company has from the market.’
3
Q
What is the market size?
A
“Must be large enough to support another company”
4
Q
What is direct competition?
A
“Products similar to one another. Consumers can easily switch based on price, 4P’s, promotions.”
5
Q
What is indirect competition?
A
“Products that are not directly related. Consumers can still substitute one product for another for a similar purpose.”
