Chapter 2: Entrepreneur and Market Flashcards
is a social and managerial process by which an individual gets what they need and want through creating and exchanging product and value.
Marketing
Marketing Involves [3] things
- Ascertain what consumers want and provide it to them at a profit.
- Meet the need and wants of the customers.
- Create a good exchange environment.
are always changing. Entrepreneur should pay attention to the changing needs and wants.
Customer Needs and Want
is the one who purchases and pays for a product or service.
Customer
is the ultimate user of the product or service.
Consumer
as the act of obtaining a desired object from someone by offering something in return.
Exchange
is a want from a specific product supported by the ability and willingness to pay.
Demands
[4] Type of Market Segmentation
- Geographic Segmentation
- Demographic Segmentation
- Psychographic Segmentation
- Behavioral Segmentation
a segmentation that consists of creating different groups of customers based on geographical boundaries.
Geographic Segmentation
consists of dividing the marketing through different variables such as age, gender, income, etc.
Demographic Segmentation
consists of grouping the target audience based on their behavior, lifestyle, attitude, and interests.
Psychographic Segmentation
focuses on specific reactions and the way customers go through their purchasing processes.
Behavioral Segmentation
the business has to collect information on the current and potential needs of customers in the market they have chosen to supply.
Identify Needs of the Customer
businesses must develop products and services that meet needs and wants of the customer.
Develop Products
businesses need to get regular feedback from the market on customer satisfaction.
Monitor your Market
