Basic Marketing Concepts

Marking concept
businesses must satisfy customers’ needs and wants in order to make profit
Consumers
people that use the product
Customers
buy the product
Market
customers who share common needs and needs, and who have the ability and willingness to buy the product
Target Marketing
focusing all marketing decisions on a very specific group of people
Customer profile
information about the target market with regard to the age, income level, ethnic background, occupation, attitudes, lifestyle, or geografic
Marketing mix
comparies four basic marketing strategies. The four P’s
Market segmention
is a way of analyzing a market by specific characteristics in order to create a target market.
Demographics
refers to stats that descibe a population in terms of personal characteristics. Inckude age, gender, income, education ect.
Baby boom Generation
76 million babies born in the USA between 1946 and 1964
Generation X
40 million babies born in the USA between 1965 and 1976
Generation Y
77 million babies born in the USA between 1977 and 1997
Disposable income
the money left after taking out taxes
Discretionary income
the money left after paying for basic living necessities
Psychographics
involves studies of consumers based on social and psychological characterisitcs
Geographics
refers to segmentation of market based on where people live.