| 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 |
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