Marketing Efforts
a specific group of consumers you want to reach
What is Target Market?
divides markets into physical locations, such as Eastern, Northern, Southern, and Western regions of the United States or the urban and rural areas of a state.
What is Geographic segmentation?
the value people believe they receive from a product or service
What is Benefits derived
are based on loyalty to a particular brand or product.
What is Patronage purchases
Data that can improve business decision making
What is market segmentation?
focuses on information that can be measured, such as age, income, profession, gender, education, marital status, and size of household.
What is Demographic segmentation?
the capability to produce products or services more efficiently and economically than the competition.
What is comparative advantage
has already been collected for some other purpose but is now found useful in the current study.
What is Secondary data
a group of consumers within a larger market who share one or more characteristics.
What is market segment?
focus on characteristics that cannot be physically measured, such as values, interests, and lifestyle choices.
What is Psychographics?
take place when individuals recognize needs and wants, assess their priorities and budget, conduct research, compare alter- natives, and then make purchases based upon careful thought and sound reasoning
Rational purchases
of information about customer buying habits include a business’s own customer records, sales records, production records, and operation records.
What is Internal sources
the percentage of total sales of a product or service that a company expects to capture in relation to its competitors.
What is Market share
focuses on a customer’s attitude toward products and services.
What is Behavioral-based segmentation
information used by businesses can be obtained through government reports, trade and professional organizations, business publications, commercial data, and information services.
What is External sources
is obtained for the first time and specifically for the particular problem or issue being studied.
Primary data
when they spend with little thought during emotional highs or lows.
emotional purchases