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Mktg 2

Marketing Chap 2 vocab

QuestionAnswer
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.
Created by: lrowe
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