Strand 2 Flashcards
Market segmentation
Identifying a group of consumers. A way of analyzing a market by categorizing specific characteristics
Product
One of the 4 P’s of marketing. Deals with what you have for sale
Marketing
The process of developing, promoting, and distributing products to satisfy customers needs and wants.
Promotion
Any form of communication that a business or organization uses to inform, persuade, or remind people to buy it’s products
Target market
The specific group of people that a business is trying to reach
Demographics
Personal characteristics such as age, gender, income, ethnic background, education, religion, occupation, and lifestyle.
Phychographics
Based on social and phychological characteristics such as attitude, interests, and opinions.
Price
One of the 4 P’s. The cost you put your product for
Marketing concept
To market effectively, fashion marketers follow the principles of the marketing concept, which is the idea that businesses must satisfy customers need and wants in order to make a profit.
Place
One of the 4 P’s. Where you sell your product
Fashion merchandising
The planning, buying, and selling of fashion apparel and accessories to offer the right merchandise blend to meet consumer demand
Geographic
Statistics about where people live
Behavioral
Analyzing customers with regard to sales generated, shopping patterns, as well as purchase decision making processes such as brand loyalty, special occasion purchases, etc.
Understanding concepts and strategies used to develop and target specific marketing strategies to a select audience
Market planning
Information is obtained primarily through marketing research, which helps fashion businesses determine their customers preferences and how to better market products
Marketing information management
