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Ch 12 Analyzing Target Markets

Terms in this set (16)

behavioral segmentation
Divides customers into groups based on how they engage with a product customer profile
customer profile
A report portraying details about a typical customer
demographic segmentation
Division of a market using statistical data, including housing, age, education, ethnicity, gender, occupation, marital status and other characteristics
emotional motivation
Buying a product based on the way it makes a consumer feel
external influence
Influences that come from market factors
geographic segmentation
Involves dividing the market by where customers are located
internal influence
Motivations that are driven by a company's goals
market identification
The method of choosing a target market
market segmentation
The process of narrowing a market into small, specific groups
mass marketing
Using marketing strategies with a wide audience to sell a product
patronage motivation
When a consumer prefers one business to another and will therefore purchase their favorite business's product
personal influence
Influence stemming from a person's individuality
psychographic segmentation
Lifestyle analysis of customer values, attitudes, and preferences
psychological influence
Internal factor that influences wants and needs
rational motivation
Objective and logical reasoning prompting a consumer purchase
situational influence
Environmental factors that influence purchasing decisions
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