| A | B |
|---|
| marketing concept | businesses must satisfy customers'needs and wants in order to make a profit |
| customers | person who buys the product |
| consumers | person who uses the product |
| market | all potential customers who share commons needs and wants, and who have the ability and willingness to buy the product |
| target marketing | focusing all marketing decisions on a very specific group of people who you want to reach |
| customer profile | information about the target market with regared to the age, income level, ethnic background, occupation, attitueds, lifestyle or geographic reisdence of the targeted customer |
| marketing mix | four basic marekting strategies collectively known as the four Ps--product, place, price, and promotion |
| market segmentation | a way of analyzing a market by specific characteristics in order to create a target market |
| demographics | statistics that describe a population in terms of personal characteristics |
| Baby Boom Generation | the 76 million babies born in the United States between 1946 and 1964 |
| Generation X | the more than 40million Americans born between 1965 and 1976 |
| Generation Y | the 77 million Americans born betwen 1977 and 1997 |
| disposable income | the money left from a person's gross income after taking out taxes |
| discretionary income | the money left from a person's gross income after paying for basic living necessities such as food, shelter, and clothing |
| psychographics | studies of consumers based on social and psychological characteristics |
| geographics | segmentation of the market based on where people live |
