Marketing CH 4-6

Market share is used to

Stores are using nonprice competition when they advertise helping you to  "live  better"

One competitor's percentage of the total sales in a specific market is its

The contest between two or more businesses to get customers.

the quantity of a specific product that a buyer is able and willing to buy at a certain price

A group of people born during a particular period of history is a

People buy more clothing when the price of the clothing is high

Segmenting a market based on the way customers use a product or act toward a product is

Marketers have developed ways to analyze a large mass market and break it up into segments

Where the supply and demand curve meets

Developing a unique marketing mix for a market segment is called ____

Consumers vote with their dollars to determine which products should be produced

Understanding buying motives helps sales people determine the needs of consumers

Consumers have no influence over which products are produced or the prices charged

Income level and age are examples of

When consumers spend time thinking about the correct item to purchase they are making

The __ of mass marketing is that the company deals with one large market and one marketing mix

When supply is ____ and demand is high, price ______.

Businesses can increase profits by

Choosing a target market is NOT as important as some of the other decisions in th marketing mix

This is an example of indirect competition

Marketers plan the marketing mix for a product, THEN select a target market

Mass marketing assumes that different customers have different needs.

both the government and individuals are involved in making economic decisions

This is an example of DIRECT competition

People buy less when the economy is doing poorly

Consumer purchases made with a great deal of research and planning involve

A detailed description of the typical consumer in a market segment

According to the __, when prices are high, supply will rise (in a constant environment)

Businesses that sell similar products are known as

Competing on the basis of price is called

A rise in productivity means the cost to make each product increase

The 80/20 rule states that in any given period of time 80%

Which of the following is an example of a geographic variable

the count of the people in a country made by the governemnt on a regular basis

the national governement makes all of the economic decisions

If a company has $25 million in sales and is in a market that has sales of $100M