Market Segmentation
Target Market
-A specific group of people you are trying to reach.
Mass Market
-All the customers for a type of product.
Census
-Count of all the people in a country made by the government on a regular basis.
Segmentation Variable
-Customer characteristic that is used to segment a market.
Market Segment Profile
-Detailed description of the typical consumer in a market segment
Psychographic Segmentation
-Dividing a market based on mental and emotional characteristics of customers.
Behavioral Segmentation
-Dividing a market based on the way customers use a product or act towards a product.
Generation
-Group of people born during a particular period of history.
80/20 Rule
-Majority of business's profits come from a small number of customers; 80 percent of sales come from 20 percent of the customers.
Geographic Segmentation
-Segmenting a market based on where the customers live.
Demographics
-Statistics that describes a population.
Market Segmentation
-The process of dividing a larger market into smaller parts.