BMI3C - CH 1 & 2 KEY TERMS

Definition: one or more specific groups of potential consumers toward which an organization directs its marketing program.

• Product

• Market Segmentation

• Target Market

• Information Utility

Definition: statistical data relating to the population and particular groups within it.

• Marketing Mix

• Target Market

• Benefits

• Demographics

Definition: a group of buyers and sellers of a particular good or service.

• market

• service

• product

• information utility

Definition: added value marketing adds to a product

• Benefits

• Service

• Utility

• Product

Definition: Compensation in forms other than direct payment

• Demographics

• Product

• Utility

• Benefits

Definition: the study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research.

• Psychographics

• Benefits

• Market Segmentation

• Product

The process of dividing the total market into groups whose members have similar characteristics is called:

• Occupational Area

• Market Segmentation

• Target Market

• Demographics

Having a product available at a certain time of year or a convenient time of day is known as:

• Time Utility

• Demographics

• Marketing Mix

• Information Utility

The set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market is known as:

• Demographics

• Marketing Mix

• Product

• Target Market

Definition: involves communication with the consumer.

• Marketing Mix

• Place Utility

• Time Utility

• Information Utility