Marketing-1-chap 2
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| Market segmentation | The process of dividing that market into smaller groups
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| Market | A group with potential buying power
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| Geographics | Dividing the market based on where people live
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| Target market | Focusing all marketing decision & efforts on a single group
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| Marketing mix | Commonly know as the 4 p’s
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| Customer profile | A complete description of the target customer by geographics, demographics & psychographics
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| Product benefits | Segmenting the market based on specific product features desired by customers
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| Marketing concept | The philosophy: to make a profit, focus on customer need & wants and long term satisfaction
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| Demographics | Characteristics of a population; age, gender, for example
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| Products strategies | Include: what to make and how to package it, what brand name use, what image to project
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| Psychographics | Involves the study of customer lifestyle, values, attitudes; what people think about
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| Promotion strategies | Include what methods of information customers are will be used; commercials, websites, special offer
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| Disposable income | Money left after taking out taxes
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| Price strategies | Considerations include: what customers are willing to pay, costs involved, profit
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| Discretionary income | Money left after paying for basic living necessities
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| Place strategies | Determines how and where a product will be distributed
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| Mass marketing | When products have a universal appeal
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| Baby boom | Babies born between 1964 and 1964
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| Generation Y | Babies born between 1977 and 1997
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| Generation X | Babies born between 1965 and 1976
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