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Dividing the market of potential customers by their personal statistics
Demographic Segmentation
Facts about a product
Features
A tool used to determine strengths and weaknesses
SWOT analysis
How far a customer is willing to travel for business.
Geographic segmentation
Making calculated adjustments in a product’s marketing strategy with the goal of changing customer perception to increase sales.
Repositioning
A large group of undifferentiated customers who might buy a good or service.
Mass marketing
When a business attempts to attract the same customers as other businesses
Competition
The total amount of sales a business has in a specific market.
Market Share
Used for necessities, food, clothing, shelter, and transportation.
Disposable income
The companies with the largest combined market share
Market Share Leaders
The process of dividing a large market into smaller groups.
Market Segmentation
A statement that summarizes the special features or benefits of a product or business.
Unique Selling Point (USP)
The process of dividing a large market into smaller groups.
Market segmentation
Companies that sell the same product but different brands
Direct competitors
20% customers make up 80% of sales
80/20 Rule
A portion of a market segment that is very narrow and specific.
Niche Marketing
Tool used to compare the strengths and weaknesses of a product or company with its competitors.
Competitive Analysis
Several ages all included
Multi-generational
Similar but will satisfy the consumers needs and wants.
Indirect competitors
A large gathering of businesses for the purpose of displaying products for sale.
A Trade Show
A detailed description of the typical consumer in a market segment.
Customer Profile
The process used to influence the customer’s perception of a brand or product in relation to the competition.
Product Positioning
Certain preferences and lifestyle choices.
Pschographic
A product or business is offering better value, features, or service than the competition.
Competitive advantage
A tool used to compare the strengths and weaknesses of a product or company with its competitors.
Competitive analysis