| A | B |
|---|
| Market | a group of potential customers |
| Market Segment | a subgroup of a larger market that share one or more characteristics |
| Market Segmentation | the process of dividing a larger market into smaller parts. |
| Geographic | Segmentation is markets divided by where the customer lives. |
| Mass Marketing | when the group is considered as a whole with all the marketing activities; using a single marketing plan. |
| Goals | objectives set to achieve a specified purpose that should have measurability and a deadline established. (Stated achievements) |
| Place | includes where the customer can obtain the product. |
| Behavioral | Segmentation is segmenting a market base on the way customers use a product or respond toward a product. |
| Tactics | specific actions for carrying out strategies and ultimately the goal. (How to do it) |
| Marketing Mix | four basic strategies called the 4 P’s or elements of marketing. |
| Demographic | Segmentation based on statistics that describe a population by personal characteristics such as age, gender, income, marital status, ethnicity, education, & occupation. |
| Product | what the business will make or obtain to sell. It includes packaging, warranty, and quality decisions. |
| Price | includes determining what a customer is willing to pay, what competition is charging, determining seasonal discounts and allowances, and credit terms. |
| Promotion | decisions that involve communicating with customers such as the message and how it will be conveyed. |
| Strategies | are plans of action used to achieve the goals. (What to do) |
| Target Market | identified segments of the market that a business wants to have as their customers. |
| Psychographic | Segmentation is markets divided by personalities, lifestyles, hobbies, and values. |
