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Marketing 1
Marketing-1-chap 2
Question | Answer |
---|---|
Market segmentation | The process of dividing that market into smaller groups |
Market | A group with potential buying power |
Geographics | Dividing the market based on where people live |
Target market | Focusing all marketing decision & efforts on a single group |
Marketing mix | Commonly know as the 4 p’s |
Customer profile | A complete description of the target customer by geographics, demographics & psychographics |
Product benefits | Segmenting the market based on specific product features desired by customers |
Marketing concept | The philosophy: to make a profit, focus on customer need & wants and long term satisfaction |
Demographics | Characteristics of a population; age, gender, for example |
Products strategies | Include: what to make and how to package it, what brand name use, what image to project |
Psychographics | Involves the study of customer lifestyle, values, attitudes; what people think about |
Promotion strategies | Include what methods of information customers are will be used; commercials, websites, special offer |
Disposable income | Money left after taking out taxes |
Price strategies | Considerations include: what customers are willing to pay, costs involved, profit |
Discretionary income | Money left after paying for basic living necessities |
Place strategies | Determines how and where a product will be distributed |
Mass marketing | When products have a universal appeal |
Baby boom | Babies born between 1964 and 1964 |
Generation Y | Babies born between 1977 and 1997 |
Generation X | Babies born between 1965 and 1976 |