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13 terms

Chapter 16 Marketing

STUDY
PLAY
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