| A | B |
|---|
| Marketing Concept | States that to make a profit a business must focus all of its efforts on satisfying the needs and wants of its customers |
| Customers | Those who buy a product |
| Consumers | Those who actually use a product |
| Value | The personal satisfaction gained from use of a good or service |
| Market | The group of all potential customers who share common needs and wants AND who have the ability and willingness to buy the product |
| Mass-Marketing | Involves using a single marketing plan to reach all consumers |
| Market Segmentation | Dividing the total market into smaller groups of people who share specific needs and characteristics |
| Geographics | Refers to segmentation of a 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 |
| Target Marketing | Focusing all marketing decisions on the specific group of people you want to reach |
| Marketing Mix | The four basic marketing decisions (i.e. product, place, price, and promotion) |
| Positioning | Getting consumers to think of a product in a certain way |
