Vocab Module 9 Flashcards
Niche Marketing
The subset of the market on which a specific product is focused.
Environmental Scanning
A process that systematically surveys and interprets relevant data to identify external opportunities and threats.
Marketing Mix
A combination of factors that can be controlled by a company to influence consumers to purchase its products
Promotion
Raising an employee to a higher position or rank.
Benefit Segmentation
Dividing your market based upon the perceived value, benefit, or advantage consumers perceive that they receive from a product or service.
Target Marketing
A group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards.
Primary Data
The information that you collect specifically for the purpose of your research project.
Geographic Segmentation
When a business divides its market on the basis of geography.
Demographic Segmentationd
Market segmentation according to age, race, gender, family size, ethnicity, income, and education.
Psychographic Segmentation
Involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers.
Secondary Data
Refers to data that was collected by someone other than the user.
Volume Segmentation
The division of a single market into segments on the basis of the varying volume of demand for the product.
Penetration Strategy
The concept of taking aggressive action to greatly expand one’s share of sales in a market.
Price Skimming
A firm charges the highest initial price that consumers will pay
Product Strategy
The cycle through which every product goes through from introduction to withdrawal or eventual demise.
