Chapter 2 Flashcards
What are market opportunities?
areas where there are favorable demand trends, customer needs are not being satisfied, a firm can compete effectively
What is competitive advantage?
attributes that give a firm an edge over competitors
what is the target marketing process?
1.identifying markets with unfulfilled needs
2. determining marketing segmentation
3. selecting a market to target
4. positioning through marketing strategies
dividing a market into distinct groups with common needs, who respond similarly to a marketing situation
market segmentation
what are the bases for segmentation?
geographic, demographic & psychographic
What is the 80-20 rule?
20% of buyers account for 80% of sales volume
Offering just one product to entire market
undifferentiated marketing
developing separate marketing strategies for different segments
differentiated marketing
attempting to capture a large share of one market segment
concentrated marketing
what is positioning?
fitting product to one or more segments of a brad market to set it meaningfully apart from the competition
what are salient attributes?
important to consumers and are basis for making a purchase decision
what a product or brand menas to consumers?
product symbolism
brand identity is:
combination of name, logo, symbols, design, packaging, image, and associations held by consumers
brand equity is:
intangible asset of added value
what are marketing channels?
interdependent organizations involves in making a product or service available
