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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 |
Created by:
grizzlybusiness
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