43. The market for any product is the sum of the demand existing in individual groups or segments of consumers. 44. The most basic truth of economics is that as price increases the quantity demanded will always decrease. 45. Consumer segments exist because different consumers do not value different alternatives the same way. 46. Product differentiation is a marketplace condition in which consumers do not view all competing products as identical to one another. 47. Product differentiation becomes the basis for product positioning. 48. Positioning refers to the way a product is perceived by a consumer. 49. A perceptual map is used to depict graphically the positioning of competing products. 50. A blue ocean strategy seeks to position a firm so far away from competitors that when successful the firm creates an industry of its own and at least for a time isolates itself from competitors. 51. Ideal points on a perceptual map represent each marketer’s product offering. 52. Both consumers and marketers enter exchange-seeking value. 53. All the customers are equally valuable to a firm. 54. Customer lifetime value represents the approximate worth of a customer to a company in economic terms. 55. Customer lifetime value is equal to sales attributed to a particular customer minus the costs associated with satisfying that customer over the lifetime of that customer.
