Chapter 2 Flashcards
1
Q
Sub-grouping consumers based on shared characteristics, needs, and behaviors
A
Market segmentation
2
Q
Group of people with some shared characteristics that a company has identified as potential customers for its products
A
Target market
3
Q
Where a product stands in relation to others offering similar products and services in the marketplace as well as in the mind of the consumer
A
Positioning
4
Q
Highlighting the qualities that set one product apart from other similar products and uses those differences to drive consumer choice
A
Differentiation
5
Q
What are the four P’s of the marketing mix?
A
1) Product
2) Price
3) Place
4) Promotion
