SEM - Ch 4 Test

Definition: respect & recognition

• Esteem Needs

• Psychological Needs

• Social Needs

• Security Needs

Definition: divides markets into physical locations [customers in Canada (inner city)]

• Benefit Segmentation

• Behavioral Segmentation

• Geographic Segmentation

• Market Segmentation

Definition: Revenue earned beyond the breakeven point

• Income

• Target Market

• Profit

• Market Share

Definition: what products you use and how often

• Demographic Segmentation

• Target Market

• Product Usage

• Product Benefits

Definition: all of the consumers who will purchase a product or service

• Market Share

• Economic Market

• Target Market

• Benefits Derived

Definition: the capability to produce products or services more efficiently and economically than the competition

• Comparative Advantage

• Absolute Advantage

• Opportunity Cost

• Mercantilism

Definition: define wants & needs, assess priorities & budget, conduct research, compare alternatives, make a well thought out purchase

• Internal Sources

• Rational Purchases

• External Sources

• Emotional Purchases

Definition: specific group of consumers you want to reach, the first step of marketing a product

• Target Market

• Marketing Mix

• Market Share

• Economic Market

Definition: information that can be measured (age, income, profession, gender, education, marital status, & household size)

• Benefit Segmentation

• Behavioral Segmentation

• The Four Different Market Segmentations:

• Demographic Segmentation

Definition: physical safety and economic security

• Self-actualization Needs

• Social Needs

• Security Needs

• Esteem Needs