Fundamentals of Market Identiﬁcation Vocabulary

1. Marketing marketing strategy which aims to reach the largest audience possible, often with a uniform message and product offering
2. Market specific group of consumers which a business aims to reach with its products and marketing efforts
4. Segmentation dividing a market into different geographical units such as nations, states, regions, counties, cities or neighborhoods
5. Market specialized segment of the market for a particular kind of product or service
8. Insights deep understanding derived from analyzing customer data and behavior to inform business strategies and marketing efforts
10. Persona fictional representation of a business’s ideal customer based on market research and real data about existing customers
12. process of establishing an image or identity of a brand or product so consumers perceive it in a certain way
14. statistical data relating to the population and particular groups within it, such as age, gender, income, education level and occupation

1. Segmentation practice of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics
3. Segmentation dividing a market into segments based on consumer knowledge, attitudes, uses or responses to a product
6. study of consumers based on their activities, interests, opinions, values and lifestyles
7. Strategy business’s overall plan for reaching prospective consumers and turning them into customers of their products or services
9. Identification process of determining who a business’s potential customers are based on various factors like demographics, needs and preferences
11. Behavior study of individuals, groups or organizations and the processes they use to select, secure, use and dispose of products, services, experiences or ideas to satisfy needs and desires
13. Proposition business or marketing statement which summarizes why a consumer should buy a product or use a service