Marketing
What is a market?
all potential customers who share needs and wants, and who have the ability to buy
What is marketing segmentation?
a way of analyzing a market by specific characteristics
What can competition do to us?
What is an example of a primary target market (multiple answers are accepted)?
Mothers
What is discretionary income?
Income that can be used to buy whatever they choose
What is a consumer market?
Buyers who purchase goods/services for personal use
What are demographics?
Statistics that describe a population based on personal characteristic
What are the internal aspects of SWOT?
Strengths and weaknesses
What is an example of a secondary target market? (multiple answers are accepted)
Teenage Girls
What is disposable income?
Income that has to be put aside for living necessities.
What is a business to Business Market?
Businesses that buy products for own operation or resale to others
What are psychographics?
Segmenting based on social and psychological characteristics
What are the external aspects of SWOT?
What does the customer profile list?
Geographics, psychographics and demographics
Poor customer service is an example of what SWOT term?
Weaknesses
Customers vs Consumers
Customers- those who actually buy a product
Consumers- those who actually use a product
What are geographics?
Segmenting a market based on where people live
What are the 3 C's?
Customer, Company and Competition
What is the 80/20 rule?
80% of all sales are generated by 20% of customers
What is a target market?
The group of people identifies for a specific marketing program
What is mass marketing?
using a single marketing strategy to reach all customers (No longer popular)
What is PEST?
Political Influences
Economic Influences
Socio-economic Influences
Technological Influences
It can help smaller companies compete with larger ones.
Harley Davidson sells motorcycle jackets, however recently, they started selling pink motorcycle jackets, what is their new target market?
Women who are interested in motorbikes