VOCABULARY: Marketing Concepts

reduce the marketing focus to product-market areas where companies are more likely to have a competitive advantage

products purchased due to the consumer’s negative view of other comparable products such as bottled water

products remain unsought but not forever such as gravestones and encyclopedias

money left after basic living expenses have been paid

applies to a fairly homogeneous group of consumers

aggregating process which clusters people with similar needs into market segments

products the customer had not planned to buy but were at the right place at the right time

applying promotional techniques to potential customers

items customers do not yet know they want or need to buy

products seen as little-interest and little-involvement; hard for marketers to distinguish these products from others

applies to a more heterogeneous group of consumers

money left after taxes are taken out of paychecks

business must satisfy needs and wants of their customer to compete

series of companies who participate in the flow of products from producer to the final customer