KEY TERMSUNIT 2

(UNDERSTANDING CUSTOMERS)

Marketing

ID SMALLER GROUP(S) WHOSE MEMBERS SHARE 1

OR MORE CHARACTERISTICS.

Segmentation

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TRY TO APPEAL TO THE ENTIRE MARKET; A “ONE

SIZE FITS ALL” APPROACH.

Mass Marketing

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DIVIDING CONSUMERS INTO MARKETS BASED ON WHERE

THEY LIVE.

Geographic

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MEASURABLE CHARACTERISTICS LIKE AGE, GENDER, RACE, INCOME, AND

EDUCATION.

Demographics

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PEOPLE’S SOCIAL CLASS, LIFESTYLE, AND PERSONALITY.

Psychographics

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HOW AND HOW OFTEN CONSUMERS USE A

PRODUCT.

Product Usage

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THE VALUE OR UTILITY CONSUMERS RECEIVE FROM THE PRODUCT OR SERVICE.

Benefits Derived

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THE TOTAL REVENUE THAT CAN BE OBTAINED FROM THE MARKET SEGMENT.

Market Potential

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THE % OF THE TOTAL MARKET POTENTIAL THAT

EACH COMPANY EXPECTS TO GET IN RELATION TO ITS

COMPETITORS.

Market Share

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COMPANY FOCUSES ITS TIME, MONEY, AND EFFORT

ON 1 SEGMENT THAT WANTS TO & IS ABLE TO THE

PRODUCT.

Target Marketing

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THE STUDY OF CONSUMERS AND HOW THEY MAKE BUYING DECISIONS.

Consumer Behavior

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THE REASONS CUSTOMERS BUY THINGS.

Buying Motives

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THE SENSE OF REGRET ONE HAS AFTER PURCHASING AN

EXPENSIVE ITEM.

Buyer’s Remorse

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HUMANS CANNOT LIVE WITHOUT FOOD, SLEEP, WATER,

SHELTER, AND AIR.

Physical Motives

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PROCESS OF GAINING COMPETITIVE MARKET

INFORMATION.

Marketing Intelligence

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MENTAL CAUSES OF BUYING, INCLUDING

SECURITY, SOCIAL, AND SELF ESTEEM.

Psychological Motives

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FEELINGS EXPRESSED THROUGH AN ASSOCIATION

WITH A PRODUCT (PLEASURE, EXCITEMENT,

FEAR, GUILT).

Emotional Motives

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CONSCIOUS, FACTUAL, AND LOGICAL REASONS LIKE

CONVENIENCE & PERFORMANCE.

Rational Motives

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LOYALTY TO A PRODUCT OR COMPANY.

Patronage Motives

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ALL POTENTIAL CUSTOMERS A COMPANY WOULD LIKE TO

SERVE.

Market

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The End

REVIEWEND