| A | B |
|---|
| customers | people who purchase products |
| consumers | people who actually use the product |
| market | all potential customers who share common needs and wants and have the ability & willingness to buy the product |
| target marketing | current & potential customers of a given commodity; focusing on a very specific group |
| customer profile | includes info. with regard to age, income level, ethnic background, occupation, attitudes, lifestyle or geographic residence |
| marketing mix | comprises 4 basic marketing strategies--known as the 4 P's--product, price, place & promotion |
| market segmentation | a way of analyzing a market by specific characteristics in order to create a target market(may segment by demographics, psychographics, geographics & product benefits) |
| demographics | refers to statistics that describe a population in terms of personal characteristics--age, gender, income, ethnic background, education & occupation |
| baby boom generation | 76 million babie born in the U.S. between 1946-64 |
| generation X | more than 40 million Americans born between 1965-76 |
| marketing concept | satisfy customers' needs and wants in order to make a profit |
| generation Y | 77 million Americans born between 1977-97 |
| tweens | middle-school aged kids (9-11) also known as "mall rats" |
| DINKS | double income, NO KIDS |
| disposable income | money left over after taking out taxes |
| discretionary income | money left over after paying for basic living necessities such as food, shelter, & clothing |
| psychographics | study of consumers based on social & psychological characteristics---people's attitudes, what they value, their lifestyles, & how people spend their time and money |
| geographics | information about where people live |
| product benefits | features of a product that appeal to specific consumers |
| product strategies | choices involving a product's image |
| trends | a populations changes in personal attitudes about health, fun, and living |
