Establishing and Communicating the Distinctive Benefit(s) of the Company's Market

question 140

Multiple Choice

Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________.

• A) market research
• B) market positioning
• C) marketing effectiveness
• D) market segmentation
• E) market dominance

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Definitions:

Substitutes

are products or services that can replace or be used in place of another, catering to similar needs or functionalities, often influencing consumer choices and market dynamics.

Substitute Good

A product or service that can be used in place of another to satisfy similar needs or demands.

Market Power

The ability of a company or group of companies to control prices and total market output in an industry or sector.

Elastic Demand

Describes a market scenario where the demand for a product significantly changes in response to changes in the price of that product.