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Marketing Ch 2; #3
| Question | Answer |
|---|---|
| Define discretionary income: | Money left after paying for basic living necessities such as food, shelter and clothing. |
| The 4 ways to segment a market are by Demographics, Psychographics, ___________ and Behavioral | Geographics |
| Define Disposable Income: | Money left after taking out taxes |
| Define Implementation | Putting the plan into action: May include schedule of activities; job assignments; forecasts |
| A combination of 4 strategies used to market a product is called the | Marketing Mix |
| Market Segmentation | Separating a large group of potential customers into smaller groups based on particular characteristics |
| __________________ refers o statistics about th personal characteristics of a population, such as age, gender, income, ethnic background, education and occupation | Demographics |
| The examination of outside influences that may have an impact on an organization is a ______ _______ | PEST analysis |
| ___________ is focusing all marketing decisions on a very specific group of people that you want to reach. | Targeting Marketing |
| An examination of internal and external qualities about a company that can help direct a company's future marketing strategies is known as a ________ analysis. | Situational |
| The _____ ________ is the idea that businesses must satisfy customer's needs and wants in order to make a profit. | Market ing Concept |
| Define Sales Forcast | The projection of probable, future sales in units or dollars |
| What type of income (disposable or discretionary) would be more important to businesses that sell expensive watches, second homes, and financial services? Why? | Discretionary- Left over money after the necessities |
| Differentiate between mass marketing and market segmentation? | Mass marketing uses a single marketing strategy to reach all customers. Market segmentation classifies people who form a given market into smaller groups. |
| Differentiate 4 ways to segment a market: | Demographic; Geographic; Psychographic; Behavioral Characteristics |
| Example of of a product that would fall under Demographic segment | Mascara- women |
| Example of of a product that would fall under Geographic segment | Skis |
| Example of of a product that would fall under Psychographic segment | Fishing Magazine |
| Example of of a product that would fall under Behavioral Characteristics segment |
Created by:
Traceyshea