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Vocabulary 3.01
Term | Definition |
---|---|
Market | Includes the group of all potential customers who share common needs. |
Target Market | Group of very specific customers that a company desires to have as consumers |
Mass Marketing | Single marketing plan to reach all consumers |
Marketing Segments | Groups of unique individuals that share common characteristics |
Marketing Segmentation | Dividing the entire market into smaller groups that share common characteristics & to create a target market |
Sales | Transfers of property for money or credits |
Profits | Returns, proceeds, or revenue, as from property or investment |
Disposable Income | The part of a person's income remaining after deducting personal income taxes |
Strategic Thinking | Mental or thinking process applied by an individual in the context of achieving success |
Niche | Having a special appeal |
Discretionary Income | What remains after all expenses are paid |
Urban | Pertaining to a city or town. |
Suburb | Immediately outside a city or town, especially a smaller residential community |
Rural | Pertaining to or living in the country area |
Demographic | The science of vital and social statistics |
Geographic | Location and its characteristics |
Psychographic | What a person likes to do |
Behavioral | Benefits sought by the customer |