Marketing Ch. 2

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market

All potential customers who share common needs and wants, and who have the ability and willingness to buy the product, are considered a

marketing mix

Comprise the four basic marketing strategies collectively known as the 4 P's.

psychographics

involves the studies of consumers based on social and psychological characteristics.

market segmentation

is a way of analyzing a market by specific characteristics in order to create a target market.

place

might be a "bricks and mortar" building, vendor fair, or on-line

price

must include cost plus profit

product

what you are selling; includes generating ideas, market surveys, and testing

target marketing

Focusing all marketing decisions on a very specific group of people you want to reach is called

Baby Boom Generation

The 76 million babies born in the United States between 1946 and 1964 are called the

Generation Y

The 77 million Americans born between 1977 and 1997are referred to as

Generation X

The more than 40 million Americans born between 1965 and 1976 are called

Why is it important to know who your target market is

You can focus your resources, time and money on the group most likely to purchase your product.

consumers

actually use the product.

customers

buy the product

customer profile

can include information about the target market with regard to the age, income level, ethnic background, occupation, attitudes, a lifestyle, or geographic residence of the targeted customer

geographics

refers to segmentation of the market based on where people live

demographics

refers to statistics that describe a population in terms of personal characteristics, including age, gender, income, ethnic background, education and occupation.

promotion

signing, advertising, sampling, contests

marketing concept

states that businesses must satisfy customers' needs and wants in order to make a profit

discretionary income

the money left after paying for basic living necessities such as food, shelter, and clothing.

disposable income

the money left after taking out taxes.


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