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Mktg Vocab Chap 2

Chapter 2

QuestionAnswer
Marketing concept Businesses must satisfy customers’ needs and wants in order to make a profit
Customers People who buy the product
Market Potential customers who share common needs and wants and have the ability and desire to buy a product
Target marketing Focusing all marketing decisions on a specific group of people you want to reach (sell to)
Customer profile Information about the customer-age, income level, ethnic background, occupation, attitudes, lifestyle, or geography
Marketing mix The 4 P’s of marketing – product, place, price, promotion
Market segmentation Analyzing a market by specific characteristics in order to create a target market
Demographics Personal characteristics that describe a population-age, gender, income, ethnic background, education, occupation
Baby Boom Generation People born between 1946 and 1964,Huge potential market
Generation X Americans born between 1965 and 1976-Dual careers, divorced parents
Generation Y Americans born between 1977 and 1997
Disposable income Money left after taking out taxes
Discretionary income; Money leftpaying for basic living necessities like food, shelter and clothing
Psychographics Studies of consumers based on social and psychological characteristics
Geographics Segmenting the market based on where people live-local, region, nation, global.
Created by: lynnrowe
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