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Business: Consumer Markets

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1. How do you define a consumer market? What is the one most important reason for wanting to define a consumer market (i.e. Why)
2. What criteria should you use to determine the axes on a Product Position Map? Give an example of those axes for a bicycle retail store
3. How would you know who your competitors are? Who determines who they are?
4. What is the main problems companies face in high velocity markets? Give an example.
5. What is the product classification for a new TV set purchased by a consumer? Explain your choice.

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Solution Summary

Consumer markets in business are examined. The criteria should be used to determine the axes on a product position map are determined.

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Consumer markets are markets that are designed with a focus on the general consumer--they are dominated by products and services with the consumer in mind. There are four types of consumer markets: consumer products, food/beverage products, retail products, and transportation products. The most important reason to define a consumer market is to know what is of value to the general consumer. If this is not identified, a business may be wasting ...

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