Ch 2 Flashcards
0
Q
Personal income
A
Total income received by population
Ex: wages
1
Q
Market segmentation
A
Separation of total consumer market into smaller groups
2
Q
Disposable income
A
Amount a person has after paying taxes
3
Q
Discretionary income
A
Money left after buying necessities
4
Q
Mass market
A
Unsegmented
Products with mass appeal are offered to customers everywhere
5
Q
Niche market
A
Segmented
Focus on specific product in market
6
Q
Demographic
A
Population studies dividing groups in homogeneous smaller market segments
7
Q
Psychographics
A
Studies developing portraits of consumer behavior
8
Q
Behavior studies
A
Helps sellers understand consumer behavior
