MarketingVocats2.03
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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
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| make purchases for personal use | Consumer Market
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| Businesses that buy products to use in their own business. Also referred to as a business-to-business (B2B) market | Industrial Market
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| The percentage of the total sales revenue acquired by a business within a market. | Market Share
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| A single marketing plan used to reach all consumers-chewing gum or light bulbs | Mass Marketing
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| Narrowing markets, by identifying very specific characteristics, into a more specific group of people. | Niche Marketing
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| Dividing the entire market into smaller groups who share similar characteristics-allows businesses to customize products to reach specific markets. | Market Segmentation
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| demographic, geographic, psychographic, and behavioral factors. | Common Ways to Segment
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| Dividing the market based on personal characteristics | Demographic
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| Dividing a market based on where a person lives | Geographic
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| : Dividing the market based on values (ethics, morals, standards), attitudes (personality), and lifestyles | Psychographic
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| Dividing the market into groups based on what they are looking for in a product and why they buy the product | Behavioral
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