techno midterm

• Market


  People who have unfulfilled desire and are financially able and willing to satisfy that desire
• Behavioral segmentation


  Market segmentation based on consumers' response to a product or service
• Market segmentation


  Dividing the total market for products into smaller, more specific groups or segments
• Mass marketing


  Designing products to appeal to most buyers and directing marketing activities to the whole market
• Lifestyle


  A person's interests, values, and activities
• Loyalty response


  Buying the same products/services repeatedly
• Demographic segmentation


  Grouping consumers according to their social characteristics
• Rate of use


  Segmenting users into heavy, moderate, light, or non-users of a product
• Secondary research


  Market research that has already been compiled, gathered, organized and published by others
• Psychographic segmentation


  Dividing consumers into groups based on their lifestyles and personalities
• Competitive advantage


  Factors that allow a company to produce goods or services better or cheaper than its rivals
• Differential advantage


  When a firm's products or services differ from its competitors' offerings and are seen as superior
• Cost leadership


  Strategy of offering the lowest possible price for a product or service while maintaining a reasonable level of quality
• When Michael Porter strategized the three main competitive advantages

  1980s
• Competitive analysis


  The process of identifying competitors and evaluating their strategies to determine their strengths and weaknesses relative to your own business, product, and service
• Threats


  Identifying these can help expose barriers to success and position companies to develop strategies to overcome them
• Buyer's cost


  The greater the importance of an item to a buyer, the more sensitive the buyer will be to the price it pays
• Porter's five forces


  A model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry's weaknesses and strengths
• Competitive intensity


  Is the highest when your buyers have plenty of alternatives, there is little service or product differentiation between rivals, and when industry growth is slowing
• Supplier concentration


  When there are only a few suppliers to provide a critical product to a large number of buyers, the supplier has an advantage
• Elements of a competitive advantage

  • Target market
  • Benefit
  • Competitors
• Forms of market research

  • Primary research
  • Secondary research
• Porter's five forces

  • Threats of new entry
  • Power of suppliers
  • Buyer power
  • Threat of substitution
  • Competitive rivalries