Unit 2 Entrepreneurship--Planning

Chapters 4,5,6,7,8

Behavioral Segmentation

used to identify purchasing behavioral patterns of customers

Customer Profile

a report portraying details about a typical customer

Demographic segmentation

the division of a market using statistical data

Market Identification

The method of choosing a target market

Geographic Segmentation

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

Market Segmentation 

used to narrow a market into small, specific groups

Market Share

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

Marketing

is the process or technique of promoting, selling, and distributing a product or service

Marketing concept

a method of selling that involves analyzing customer wants and needs and aiming to fulfill them better than competitors

Psychographic Segmentation

the lifestyle analysis of customer values, attitudes, and preferences, assists marketers in predicting psychological influences and purchasing priorities.

SWOT analysis

a business tool that evaluates a company’s strengths, weaknesses, opportunities, and threats

Target Market

is the specific group of people they will sell to