| A | B |
|---|
| Marketing Concept | States that businesses must satisfy customers' needs and wants in order to make a profit. |
| Customers | People who buy the product. |
| Consumers | People who actually use the product. |
| Market | All potential customers who share common needs & wants, and who have the ability & willingness to buy the product. |
| Target Marketing | Focusing all marketing decisions on a very specific group of people you want to reach. |
| Customer Profile | Includes info about the target market. ie--age, income, ethnicity, occupation, attitude, lifestyle, & geographic residence. |
| Marketing Mix | Product, Place, Price, Promotion + (People) |
| Market Segmentation | Analyzing a market by specific charecteristics in order to create a target market. |
| Demographics | Statistics that describe a population in terms of personal charecteristics. |
| Baby Boom Generation | 76 Million babies born between 1946 & 1964. |
| Generation X | The 40 million Americans born between 1965 & 1976. |
| Generation Y | The 77 million people born between 1977 and 1997. |
| Disposable Income | The money you have left after taking out taxes. |
| Discretionary Income | The money left after paying for necessities like food, shelter, & clothing. |
| Psychographics | Involves studies of consumers based on social |
| Geographics | Segmentation of the market based on where people live. |
