Unit 2 Entrepreneurship

Behavioral Segmentation

Used to identify purchasing behavioral patterns.

Customer Profile

A report portraying details about a typical customer.

Demographic Segmentation

The division of a market using statistical data.

Geographic Segmentation

Helps entrepreneurs divide a target market based on customer location.

Market Identification

Method of choosing a target market. To discover where, how, and with whom a business will be most profitable.

Market Segmentation

Used to narrow a market into small, specific groups.

Market Share

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

Marketing

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

The specific group of people they will sell to.