Marketing Vocabulary #3

1. Marketing concept – states that businesses must satisfy customers’ needs & wants in order to make a profit

2. Market – all potential customers who share common needs and wants & have the ability and willingness to buy the product

3. Target marketing – focusing all marketing decisions on a very specific group of people a business wants to reach

4. Customer profile – a record that includes personal information about a target market

5. Marketing mix – 4Ps; 4 basic marketing strategies to help businesses make better decisions

6. Market segmentation – a way to analyze a market by specific characteristics in order to create a target market

7. Disposable income (net income) – money left over after paying taxes (to pay bills)

8. Discretionary income – money left over after paying necessities (to pay for entertainment, “spending money”)

9. Gross income – salary; earnings before taxes

10. Ethics – code of morals of a particular person, religion, group, profession