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15 Cards in this Set
- Front
- Back
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Marketing concept
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states: businesses must satisfy customers' needs and wants in order to make a profit
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Customers vs Consumers
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those who buy a product vs those who use the product
ex: (cinnamon toast crunch) cereal = mom vs child |
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Market
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potential customers who share common needs and wants, and who have the ability and willingness to buy a product
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Target Marketing
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focusing all marketing decisions on a very specific group of people who you want to reach
ex: barbie (pink/ girly/ chic) vs GI Joe ( cool/ army/ guns) |
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Customer profile
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information about target market
ex: age, income level, ethnic background, occupation, attitudes, lifestyle, or geographic residence |
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Marketing Mix
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4 P's: product, place, price, & promotion
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Market Segmentation
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analyzing a market by specific characteristics in order to create a target market
ex: demographics, psychographics, geographics, and product benefits |
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Demographic
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statistics that describes a population in terms of person characteristics
ex: age, gender, income, & ethnic background |
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Baby Boom Generation
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babies born between 1946 - 1964 : 76 mil
ex: older this generation gets bigger market for products relating to age |
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Generation X
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born between 1965 -1976 : 40 mil
-savvy and skeptic consumers <-bombarded by media -cautious and conservative <- better educated |
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Generation Y
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born between 1977 - 1997 : 77 mil
- interactivity & multitasking -build brand loyalty by attracting consumers when teen - comfy using computers -$130 mil spending power & influence $250 bil purchases |
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Disposable income
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money left after taking out taxes
-marketers who focus on necessities are interested in this income ex: toilet paper- store brand vs charming |
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Discretionary income
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money left after paying basic living necessities such as food, shelter, and clothing
-marketers who sell luxury products are interested in this money ex: iPad/ iPod |
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Psychographics
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studies of consumers based on social & psychological characteistics
ex: specific customer interest: magazine Sports Illustrated (Sports), Seventeen (Tweens) |
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Geographics
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segmentation of market based on where people live
ex: small independent grocery store vs Coke |
