Chapter 16 Marketing

13 terms by spirko13 

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market segmentation

process of dividing a large market into smaller parts

segmentation variable

customer characteristic that is used to segment a market

geographic segmentation

segmenting a market based on where customers live

census

Count of the people in a country made by the government on a regular basis

demographic information

Statistics that describe the characteristics of a population of people, such as age or income

demographic segmentation

Segmenting a market based on demographic variables, that is, characteristics of a population of people

generation

Group of people born during a particular period in history

disposable income

Income a person has available to spend after taxes have been taken out

discretionary income

Income left after taxes and after the necessities of life have been paid for

psychographic segmentation

segmenting a market based on psychological characteristics of a customer

behavioral segmentation

segmenting based on way a customer uses product or behaves toward product

80/20 rule

80% of sales come from 20% of customers; majority of profits come from small number of customers

market segment profile

detailed description of the typical customer in a segment market

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