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Market Opportunities
Competitive Advantage
Something special a firm does or has that gives it an edge over competitors. A hallmark, if you will.
Target Marketing
Marketing Process used to satisfy different consumer needs. Can be done in the following steps:
-Identify markets with unfulfilled needs
-Segmenting the market
-Targeting specific markets
-Positioning one's product or services through marketing strategies
Market Segmentation
Dividing a market into distinct groups that have common needs and will respond similarly to a marking action
Geographic - dividing groups geographically or location based
Demographic - dividing groups based on sex, age, family size, education, income, race, etc.
Psychographic- dividing groups based on lifestyle and personality traits
Behavioristic - based on usage, loyalties, or buying response
Benefit - Grouping customers on the basis of attributes sought in a product
Undifferentiated Marketing
Ignoring segment differences and offering just one product or service for the entire market.
Differentiated Marketing
Marketing in a number of segments and developing separate marketing strategies for each.
Concentrated Marketing
When the firm selects one segment and attempts to capture a large share of this market
Positioning
The art and science of fitting the product or service to one or more segments of a brad market in a way as to set it meaningfully apart from the competition
Positioning by Use or Application
Associate it with specific use or application
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