| A | B |
|---|
| Marketing Concept | To make a profit, a business must focus all of its efforts on satisfying the needs and wants of its customers. |
| Value | The personal satisfaction gained from use of a good or service. |
| Market | The group of all potential customers who share commom needs and wants, and who have the ability and willingness to buy the product. |
| Market Segmentation | Dividing the total market into smaller groups of people who share specific needs and characteristics. |
| Geographics | Refers to segmenting the market based on where people live. |
| Demographics | Refers to statistics that describe a population in terms of personal characteristics. |
| Psychographics | Involves the study of consumers based on lifestyle, and the attitudes and values that shape it. |
| The Marketing Mix | Product, Place, Price, Promotion |
| Target Market | Focusing all marketing decisions on the specific group of people you want to reach. |
