click below
click below
Normal Size Small Size show me how
Mktg 2
Marketing Chap 2 vocab
| Question | Answer |
|---|---|
| marketing concept | businesses must satisfy customers' needs and wants to make a profit. |
| customers | buy the product. |
| consumers | final user of the product. |
| market | potential customers who have interest in product and money to buy. |
| target marketing | focuses marketing decisions on a very specific group of people you want to reach. |
| customer profile | demographic and other info about the potential customers. |
| marketing mix | four strategies, known as 4 Ps. |
| market segmentation | analyzing the market by specific characteristics in order to create a target market. |
| demographics | describing a population with personal characteristics, such as age, gender, etc. |
| Baby Boom Generation | People born between 1946 and 1964. |
| Generation X | Born between 1965 and 1976. |
| Generation Y | Born between 1977 and 1997. |
| disposable income | money left after taking out taxes. |
| discretionary income | money left after buying food, shelter and clothing. |
| psychographics | studies of consumers based on social and psychological characteristics, viz. attitudes and values. |
| geographics | segmenting the market based on where people live. |