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.