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Marketing 1

Marketing-1-chap 2

QuestionAnswer
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
Created by: riders09
Popular Marketing sets

 

 



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