Fundamentals of Marketing
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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.
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- Customer profiles should show an understanding of how to determine a customer profile, which is specific information about the target market.