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AR Marketing Unit 5
Consumer Behavior and Competition
Question | Answer |
---|---|
Buying motives | the reasons that people buy |
Competition | a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell or buy |
Consumer behavior | the study of consumers and how they make decisions |
Demographics | the descriptive characteristics of a market such as age, gender, race, income, and educational level |
Emotional motives | the forces of love, affection, guilt, fear, or passion that compel consumers to buy |
Geographic segmentation | dividing consumers into markets based on where they live |
Market segmentation | a way of analyzing a market by specific characteristics in order to create a target market |
Mass marketing | directs a company's marketing mix at a large and heterogeneous group of consumers |
Monopoly | the type of market in which there is only one supplier offering a unique product |
Needs | anything you require to live |
Non-price competition | de-emphasizes price by developing a unique offering that meets an important customer need |
Price competition | rivalry among businesses on the basis of price and value |
Psychographics | people's interests and values |
Rational motives | the reasons to buy based on facts or logic |
Target markets | groups of customers with very similar needs to whom the company can sell its products |
Wants | unfilled desires |