Basic Marketing Definitions

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Across
  1. 1. Segmentation:
  2. 4. income, is the total amount of money available to an individual or household after deducting taxes. It represents the funds that can be spent on goods and services, providing insights into the purchasing power of consumers.
  3. 7. size, refers to the total value or volume of a specific market, measured in terms of sales, revenue, or units. Assessing market size is crucial for businesses to understand the potential demand for their products or services within a given market.
  4. 9. income, is the money remaining after essential expenses, such as taxes and basic living costs, have been deducted. This discretionary income is available for non-essential, discretionary spending on luxury items, entertainment, and other non-essential goods and services.
  5. 11. share, represents the percentage of total market sales or revenue that a specific company or product captures. It is a crucial metric for businesses to evaluate their competitive position and performance relative to other players in the market.
  6. 12. segmentation, involves categorizing a market based on psychological and lifestyle factors, including attitudes, interests, values, and behavior. This segmentation strategy aims to understand and target consumers based on their personalities, lifestyles, and motivations.
  7. 14. mix, often referred to as the 4Ps (Product, Price, Place, Promotion), encompasses the combination of marketing elements that a business can control to influence consumer purchasing decisions. It involves strategic decisions related to product development, pricing strategies, distribution channels, and promotional activities.
  8. 16. market, also known as the business-to-business (B2B) market, involves transactions and exchanges of goods and services between businesses. Unlike the consumer market, the industrial market focuses on products and services that contribute to the operations and functioning of other businesses.
  9. 17. growth, indicates the percentage increase in the overall size of a market over a specific period. It is a key metric for assessing the health and opportunities within a market, providing insights into the potential for increased sales and revenue.
Down
  1. 2. profile, is a detailed and comprehensive representation of the characteristics, preferences, and behaviors of a target customer or a specific market segment. Customer profiles help businesses better understand their customers and tailor their marketing efforts to meet their needs.
  2. 3. marketing, involves identifying and directing marketing efforts towards a specific and well-defined segment of the market that is more likely to respond positively to a particular product or service. This strategy aims to tailor marketing messages and offerings to the needs and preferences of a specific target audience.
  3. 5. segmentation, involves dividing a market based on demographic factors such as age, gender, income, education, occupation, and other measurable characteristics of the population. This approach helps businesses tailor their marketing strategies to specific demographic groups.
  4. 6. marketing, is a marketing strategy where businesses create and promote products or services intended to appeal to a broad and undifferentiated audience. The goal is to reach the largest possible market with a standardized message, often through mass media channels.
  5. 8. segmentation, involves dividing a market based on geographical criteria, such as location, region, climate, and population density. This segmentation strategy recognizes that consumer needs and preferences can vary based on their geographic location.
  6. 10. segmentation, categorizes consumers based on their behaviors, usage patterns, and the benefits they seek from a product or service. This approach helps businesses align their marketing strategies with the specific needs and preferences of different customer segments.
  7. 13. market, refers to the vast and diverse group of individuals or households who purchase goods and services for personal use and consumption. It encompasses a wide range of products catering to various needs, preferences, and lifestyles of individual consumers.
  8. 15. marketing, involves focusing on a small, specialized segment of the market with unique and specific needs. Businesses adopting niche marketing strategies aim to satisfy the distinct requirements of a particular market segment, often characterized by its unique preferences, demographics, or behaviors.