AICE Business Ch. 17

What is the definition of Marketing?

• All the individuals and households that buy or acquire goods and services for personal consumption.

• The goals set for the marketing department to help the business achieve its overall objectives.

• The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

• The process of providing the right product or service to the right person at the right place at the right time.

What is Market Orientation?

• The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

• The special feature of a product that differentiates it from competitors' products.

• Business develops products based on what it's good at doing. Inward looking.

• Business responds to a customer's needs and wants, designs products accordingly. Outward looking.

What is Product Orientation?

• The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

• The special feature of a product that differentiates it from competitors' products.

• Business develops products based on what it's good at doing. Inward looking.

• Business responds to a customer's needs and wants, designs products accordingly. Outward looking.

What is the definition of Market Share?

• The total level of sales of all producers within a market.

• The process of finding small but profitable market segments and designing or finding products for them.

• A company's product sales as a percentage of total sales for that industry.

• The percentage change in the total size of a market over a period of time.

What is Geographic Segmentation?

• Segmenting markets by age, gender, income, ethnic background, and family life cycle.

• Segmenting markets by region of a country or the world, market size, market density, or climate.

• Dividing a market into different segments based on social class, lifestyle, or personality characteristics.

• A group of consumers who respond in a similar way to a given set of marketing efforts.

What is the definition of Demand?

• The price that balances quantity supplied and quantity demanded.

• The total level of sales of all producers within a market.

• The quantity of something that producers have available for sale.

• The quantity of a good or service that consumers are willing and able to buy.

What is the definition of Supply?

• The price that balances quantity supplied and quantity demanded.

• The total level of sales of all producers within a market.

• The quantity of something that producers have available for sale.

• The quantity of a good or service that consumers are willing and able to buy.

What is a Direct Competitor?

• Businesses that provide the same or very similar goods or services.

• The special feature of a product that differentiates it from competitors' products.

• The process of finding small but profitable market segments and designing or finding products for them.

• A positioning strategy that some firms use to distinguish their products from those of competitors.

What is Mass Marketing?

• Dividing a market into different segments based on social class, lifestyle, or personality characteristics.

• Developing products and promotions to please large groups of people.

• Segmenting markets by region of a country or the world, market size, market density, or climate.

• The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

What is Niche Marketing?

• Dividing a market into different segments based on social class, lifestyle, or personality characteristics.

• Identifying and exploiting a small segment of a larger market by developing differentiated products to suit that segment

• Segmenting markets by region of a country or the world, market size, market density, or climate.

• The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.