definition
what is adaption?
Modification of a concept or object to make it applicable in situations different from originally anticipated.
what is Customer Profile?
Collection of information about the target market or a particular consumer, such as age, gender, income level, ethnic background, marital status, location, attitudes, interests, behavior, and more.
what are Demographics?
Specific factors which identify and distinguish a group of consumers in terms of personal characteristics such as age, gender, income, marital status, ethnicity, education, and occupation.
what is a Domestic Market?
A general market category, this is a nation's internal market where goods and services are bought and sold within the boundaries of a country.
what are Geographics?
Segmentation of the market based on location and other related characteristics.
what is Globalization?
Selling the same product and using the same promotion methods across all countries; a form of mass marketing.
what is Industrial Market?
A general category of markets, this consists of business-to-business sales. One business serves as the buyer, purchasing goods or services from another business. (B2B)
what is the International Market?
A general market category; includes consumers abroad in other countries.
what is Market Segmentation?
The process of analyzing and classifying customers in a given market to create smaller, more precise target markets.
what is Market Share?
The percentage of total sales earned by a company in a particular industry or product category.
what is a Marketing Plan?
A formal written document communicating the goals, objectives, and strategies of a company.
what is the Marketing Strategy?
The identification of a target market and the marketing mix decisions that focus on that market.
what is Mass Marketing?
A market strategy used with the aim to reach the largest group of customers possible, while disregarding differences among people.
what is Niche Marketing?
Concentrating all marketing efforts on a small but specific and well defined segment of the population--competing within a narrowly defined market segment with a specialized offering.
what is Prospect?
Potential customer or client qualified on the basis or his or her buying authority, financial capacity, and willingness to buy.
what is the Selling Concept?
The business philosophy which focuses on sales goals and profits, rather than customers' wants and needs.
what is a Target Market?
The group of people identified as most likely to become customers; they are the primary, ideal customer for the business or product.
define customer
A purchaser of a good or service.
what is a good?
A commodity, or a physical, tangible item that satisfies some human want or need, or something that people find useful or desirable and make an effort to acquire it.
define market
A general group of people or businesses who share similar needs and wants and are capable of purchasing a product.