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Mktg 2
Marketing Chap 2 vocab
Question | Answer |
---|---|
marketing concept | businesses must satisfy customers' needs and wants to make a profit. |
customers | buy the product. |
consumers | final user of the product. |
market | potential customers who have interest in product and money to buy. |
target marketing | focuses marketing decisions on a very specific group of people you want to reach. |
customer profile | demographic and other info about the potential customers. |
marketing mix | four strategies, known as 4 Ps. |
market segmentation | analyzing the market by specific characteristics in order to create a target market. |
demographics | describing a population with personal characteristics, such as age, gender, etc. |
Baby Boom Generation | People born between 1946 and 1964. |
Generation X | Born between 1965 and 1976. |
Generation Y | Born between 1977 and 1997. |
disposable income | money left after taking out taxes. |
discretionary income | money left after buying food, shelter and clothing. |
psychographics | studies of consumers based on social and psychological characteristics, viz. attitudes and values. |
geographics | segmenting the market based on where people live. |