Market
What is the definition of market?
all potential customers who share needs and wants and who have the ability to buy
What is the definition of demographics?
statistics that describe a population based on personal characteristics
What does the SWOT stand for?
Strengths, weaknesses, opportunities and threats
What is a target market?
the group of people identified for a specific marketing program
Definition of psychographics?
segmenting based on social and pyschological characteristics
Customer vs. consumer
Customer is those who buy the product and consumer is those who use the product
What are the 4 types of generations?
baby boomers, generation x, generation y, generation z
Which parts are internal?
Strengths and weaknesses
Members of a target market have similar what?
wants and needs
what is the definition of geographics
segmenting based on where people live
What is Market share
a percent of sales volume of all companies in a given market
disposable income vs discretionary income
disposable is after paying taxes and discretionary is after paying taxes and needs/living necessities
What parts are external?
Opportunities and threats
what are the 3 types of market segmentation?
psychographics, geographics and demographics
what are some characteristics of psychographics
activities, attitudes, personality, lifetsyle
Mass marketing vs niche marketing
Mass marketing is using a single strategy to reach all customers and niche marketing is a marketing strategy that focuses on a unique target market
which generation is more responsive to a social media advertisement?
generation z
What are the 3 c's
company, customer and competitive position
What is the definition of market segmentation?
a way of analyzing a market by specific characteristics
characteristics of geographics
location and weather
what is the 80/20 rule
80% of revenue is generated by 20% of customers
which generation is more responsive to newspapers?
baby boomers
What does PEST stand for?
P-political
E-econcomic
S-socio-culture
T-technological influences
What can target markets help small companies with?
compete with larger companies
is someone who likes chocolate an example of psychographics or geographics
psychographics