| A | B |
|---|
| market segmentation | Dividing a market of potential customers into smaller groups |
| demographics | statistics that describe a population by personal characteristics |
| examples of demographics | age, gender, income, education, occupation, ethnic background |
| geographics | segmentation based on where people live |
| psychographics | grouping people with similar interests, attitudes, opinions, lifestyles, and shared values |
| mass marketing | using one marketing strategy to reach all customers |
| marketing mix | product, price, place, promotion |
| marketing strategy | a business' overall game plan for reaching consumers and turning them into customers |
| marketing concept | the idea that a business' goal is to satisfy customers' needs and wants, while also getting a profit |
| customer profile | lists information about the target market |
| business cycle | peak, recession, depression, expansion |
| peak | the highest point of the business cycle, employment is high, productivity is high |
| recession | when there is a decline in economic activity, growth slows |
| depression | long term downturn, very severe |
| expansion | period of increasing economy, employment, and business |
| supply | the amount of goods producers are willing to make and sell |
| demand | the customers' desire to purchase goods and services |
| wholesalers | people who obtain goods from manufacturers and resell them to other users |
| retailers | people who buy goods from wholesalers or manufacturers and resell them to consumers |
| channel of distribution | the path a product takes from the producer to the consumer |
