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The group of all potential customers who have similar needs and wants and have the ability to buy the product. Market
make purchases for personal use Consumer Market
Businesses that buy products to use in their own business. Also referred to as a business-to-business (B2B) market Industrial Market
The percentage of the total sales revenue acquired by a business within a market. Market Share
A single marketing plan used to reach all consumers-chewing gum or light bulbs Mass Marketing
Narrowing markets, by identifying very specific characteristics, into a more specific group of people. Niche Marketing
Dividing the entire market into smaller groups who share similar characteristics-allows businesses to customize products to reach specific markets. Market Segmentation
demographic, geographic, psychographic, and behavioral factors. Common Ways to Segment
Dividing the market based on personal characteristics Demographic
Dividing a market based on where a person lives Geographic
: Dividing the market based on values (ethics, morals, standards), attitudes (personality), and lifestyles Psychographic
Dividing the market into groups based on what they are looking for in a product and why they buy the product Behavioral
Created by: melinda.fornes