Marketing Concepts Flashcards

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Behavioral Segmentation

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Dividing the market based on how customers behave, such as their shopping habits, product usage, or benefits they seek.

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Competitive Advantage

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What makes a company's product or service better or different from its competitors in a way that attracts customers.

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Demographics

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Segmenting customers by who they are, such as age, gender, income, education, race, or ethnicity.

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Market

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A group of people who share similar needs or wants and have the ability to buy a product or service.

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Market Gap

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An unmet customer need or missing product/service opportunity in the marketplace that a business could fill.

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Market Position

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How customers see a product compared to competitors and what spot it holds in their minds.

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Market Segmentation

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The process of dividing a market of potential customers into smaller groups with similar characteristics.

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Market Share

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The percentage of all sales in a market that belong to one company in a given time period.

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Mass Marketing

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Aiming marketing efforts at everyone instead of targeting specific groups, using one strategy for all.

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Niche Marketing

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Focusing marketing on a specific, smaller group of people with unique needs or interests.