Marketing Concepts

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Target Market

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A specific group of consumers for whom a company creates a product or service; a group of people or companies that you are interested in reaching.

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Primary Target Market

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The main group of potential customers that a business primarily directs its marketing efforts towards.

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Secondary Target Market

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Not the primary focus, however, this group still has enough customer potential to expend marketing efforts.

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Market Segmentation

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Separating a target market and/or prospective buyers with common characteristics into smaller groups based on certain parameters.

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Demographic Segmentation

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Breaks people into groups based on measurable statistics such as age or gender.

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Psychographic Segmentation

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Dividing groups of a market based on psychological characteristics including consumption habits, lifestyles, or preferences.

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Geographic Segmentation

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Breaks people into groups based on location.

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Behavioral Segmentation

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The distribution of people into groups based on their knowledge, attitude, use, or response to a product.

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Product

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Tangible items (something you touch and feel) offered to satisfy the needs and wants of consumers.

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Service

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Intangible (something you cannot touch or feel) items that have monetary value that satisfy needs and wants of consumers.