Market
What is the definition of a market?
All potential customers who share needs and wants, and have the ability to buy
What is a customer profile?
Customer profile - Demographic, Geographic, Psychographic
What is the definition of demographics ?
Statistics that describe a population based on personal characteristics.
What does SWOT stand for?
Strengths , weakness, opportunities, weaknesses.
What are some questions to consider for competitive position
What is our market share, what advantages do we have?
What is a customer vs. consumer
Customer - Someone who purchases a product
Consumer - People who use the product
What is the 80/20 rule
80 percent of your revenue in generated by 20% of your customers
What are the different types of generations? and characteristics
Baby boomers - printads, Gen x - commercials, gen y - facebook, gen z - social media
Strengths and weaknesses or 3 c's are internal external is pest
What does PEST stand for
Political Influences, economic influences, socio cultural influences, technological influences.
What is a market share?
Percent of sales volume of all companies in a given market
What is market segmentation?
It is a way of analyzing a market by specific characteristics
What is disposable vs discretionary income?
Disposable - income after paying taxes
discretionary - after paying taxes and living necessities
What are the 3 c's
Customer, company, competitive competition
E - recession
S - trends/ popularity
T - what people want
What is a target market? What is a customer profile?
Target market - group of people identified for a specific market plan
What are different types of market segmentation?
Demographic, geographic, psychographic
What is local vs. regional vs. national?
local - in towns like Allendale
regional - across a state (NJ)
national - across the country
What are some questions to consider for company ?
staff related, financial, marketing mix
What is behavior segmetation
The ways customers use a product
What is mass marketing vs niche marketing ?
mass - using a single marketing strategy to reach all customers (not very popular)
niche - using specific markets to targets peoples specific needs
What are the 2 markets?
consumer markets, business to business
What is the definition of psychographic?
segmenting based on social and psychological characteristics
activities
attitudes
Trends
What are some questions to consider for customer?
who is the target market, what are buying habits, how satisfied are the customers
What is gen y ?
Melenials