Marketing Principles- Chapter 8 Vocabulary

Front

Market identification

Back

The method of choosing a target market

Front

Market position

Back

How a business relates to competitors within an industry

Front

Market segmentation

Back

A process dividing a market into categories based on common characteristics

Front

Mass marketing

Back

Using marketing strategies with a wide audience to sell a product

Front

Multiculturalism

Back

The existence of several cultural or ethnic groups within a society

Front

Multigenerationalism

Back

Marketing appealing to several generations of individuals in a market

Front

Niche marketing

Back

Targeting a specialized product at a small group of customers

Front

SWOT analysis

Back

A business tool that evaluates a company’s strengths, weaknesses, opportunities and threats.