ENT Chapter 4 Key Terms MC

Define the term: Behavioral segmentation

• Divides customers into groups based on how they engage with a product

• Divides customers into groups based on their geographic location

• Divides customers into groups based on their demographic characteristics

• Divides customers into groups based on their psychographic profiles

Define the term: Customer profile

• A report portraying details about a typical customer

• A list of products a customer has purchased

• A summary of a company's financial performance

• A description of a customer's shopping habits

Define the term: Demographic segmentation

• Division of a market using statistical data, including housing, age, education, ethnicity, gender, occupation, marital status, and other characteristics

• A method of segmenting a market based on consumer behavior and purchasing patterns

• The process of dividing a market based on geographic location

• A strategy to target consumers based on their lifestyle and interests

Define the term: Geographic segmentation

• Businesses study the unique needs and wants of people in geographic areas to create and market products to meet consumer demands

• Geographic segmentation involves dividing a market based on age and gender

• Geographic segmentation focuses on the psychological traits of consumers

• Geographic segmentation is about segmenting the market based on consumer income levels

Define the term: Marketing

• The process or technique of promoting, selling, and distributing a product or service

• The process of creating software applications

• The study of celestial objects and phenomena

• The art of preparing and cooking food

Define the term: Marketing concept

• A method of selling that involves analyzing customer wants and needs and aiming to fulfill them

• A strategy focused solely on increasing production efficiency

• A technique that prioritizes aggressive advertising over customer satisfaction

• A business approach that emphasizes cost-cutting and price reduction

Market identification:

• The method of choosing a target market

• The process of product development

• The strategy for pricing products

• The technique for advertising campaigns

Market segmentation:

• The process of narrowing a market into small, specific groups

• The process of expanding a market into larger, general groups

• The process of analyzing market trends over time

• The process of merging different markets into one

Market share:

• The percentage of the market for a product or service that a company supplies

• The total revenue generated by a company

• The number of products sold by a company

• The growth rate of a company's stock price

Psychographic segmentation:

• The lifestyle analysis of customer values, attitudes, and preferences

• The demographic analysis of customer age and gender

• The geographic analysis of customer location

• The behavioral analysis of customer purchasing habits