Market vocab

Question 1

Market segmentation

Answer 1

classifying people with things in common that make them have the same needs for a product and grouping them up

Question 2

demographics

Answer 2

stats on population (age, gender, income, marital status, etc.)

Question 3

disposable income

Answer 3

money left after taxes

Question 4

Discretionary income

Answer 4

money left after essentials

Question 5

geographics

Answer 5

segmentation based on where you live

Question 6

psychographics

Answer 6

grouping based on lifestyle,attitudes,values, opinions, etc.

Question 7

mass marketing

Answer 7

using one marketing strategy to market to everybody

Question 8

market

Answer 8

ppl/organizations with the power to choose a product or service

Question 9

market segment

Answer 9

subgroup of ppl / organizations that have things in common that make them have the same product needs

Question 10

full segmented market

Answer 10

segment based on every factor available