PBM - Chapter 2 Test - Basic Marketing Concepts

A way of analyzing a market by specific characteristics in order to create a target market.

• Market segmentation

• Target marketing

• Customer profile

• Market

Focusing all marketing decisions on the specific group of people you want to reach.

• Customer

• Target marketing

• Consumer

• Market

Idea that to make a profit a business must focus all of its efforts on satisfying the needs and wants of its customers.

• Customer Profile

• Market

• Demographics

• Marketing Concept

Mix of four basic marketing strategies.

• Marketing Mix

• Customer Profile

• Market

• Marketing Concept

Person that actually buys the product.

• Consumer

• Customer

• Market

• Customer Profile

Person that actually uses the product.

• People

• Consumer

• Customer

• Market

Picture of a prospective customer based on geographic, demographic, and psychographic data.

• Baby Boomers

• Customer profile

• Generation Y

• Market profile

Statistics that describe a population in terms of personal characteristics like: age, gender, income level, etc.

• Geographic's

• Demographics

• Psychographics

• Customer Profile

A market is the group of all potential customers who share common needs and wants, and who have the ability and willingness to buy the product.

• True

• False

Coming to a country of which one is not a native is called immigration.

• True

• False