Marketing Concepts Vocab Review

The people that buy the product

State that businesses must satisfy customers' needs and wants in order to make a profit.

The combination of the four basic marketing strategies - product, price, place & promotion.

Involves the study of consumers based on lifestyle and the attitudes and values that shape it.

Refers to segmentation of a market based on lifestyle and the values that shape it.

Focusing all marketing decisions on the specific group of people you want to reach.

Involves information about the target market with regard to age, income, ethnicity & geographical residence.

The group of all potential customers who share common needs & wants and can buy the product

The money you have left after taxes

Dividing the total market into smaller groups of people who share specific need and characteristics.

The people who actually use the product.

Money left after paying for basic living necessities such as food, shelter and clothing.