| A | B |
|---|
| marketing concept | businesses must satisfy customer needs and wants to make profit |
| customers | people who buy the product |
| consumers | people who actually use product |
| market | all potential customers who share common needs and wants and have ability and willingness to buy product |
| target marketing | focusing all marketing decisions on a very specific group of people who you want to reach |
| customer profile | all information about target market including age, income level, ethnicity, job, attitude, lifestyle, geographic location |
| marketing mix | product, place, price, promotion |
| market segmentation | analyzing a market by a specific characteristics |
| demographics | describing a population by age, gender, income, ethnicity, education, job |
| baby boom generation | 1946-1964, prime targets for luxury and recreational items |
| generation x | 1965-1976, dual income household, perhaps divorced parents, savvy and skeptical consumers |
| generation y | 1977-1997, computer savvy, multitaskers, $130 M in spending power |
| gender | male/female |
| disposable income | money left after taking out taxes |
| discretionary income | money left after paying for food, shelter and clothing |
| ethnicity | segmenting by race, Hispanic pop will increase most by year 2025 |
| psychographics | attitudes and lifestyles, what population group values as important, opinion even |
| geographics | segmenting by where people live |
| product benefits | segmenting by studying consumers needs and wants, pg 32 |
