Marketing EssentialsSection 3:
Fundamentals of MarketingAfter You Read Online ActionReviewing Key Terms and Concepts - Consumer markets purchase goods and services for personal use, while the
industrial markets purchase products or services for use in their business
operations.
- Market segmentation refers to the breaking down of a market into smaller
groups that have similar needs, and then pitching marketing efforts to this
group. The group chosen is called the target market. Customer profile
refers to specific information, such as age, income, etc., about the target
market.
- The four Ps (product, place, price, and promotion) are the means through
which sellers reach their target market. The product, price, and promotion
have to appeal to the target market, and the place has to be where the target
market will buy.
Integrating Academic Skills - 14.78 percent
- Customer profiles will vary; accept responses that show an understanding
of how to determine a customer profile, which is specific information about
the target market.
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