2.2 Flashcards
(11 cards)
4 ways customers can be segmented
Demographics
Geographics
Psychographics
Behavioral characteristics
The process of classifying people who form a given market into smaller groups
Market segmentation
Personal characteristics
Demographics
Where people live
Geographics
Similar lifestyles
Psychographics
Shopping patterns
Behavioral characteristics
Money left after taking out taxes
Disposable income
Money left after paying for basic needs
Discretionary income
Involves using a single marketing strategy to reach all customers
Mass marketing
Percentage of total sales volume generated by all companies
Market share
Narrows and defines a market with extreme precision
Niche marketing