Glossary
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Market segmentation: The process of dividing a market into smaller groups of consumers with similar needs or characteristics.
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Target market: A specific group of consumers that a business has decided to target with its marketing efforts.
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Demographic segmentation: Dividing a market into groups based on characteristics such as age, gender, income, education level, and occupation.
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Psychographic segmentation: Dividing a market into groups based on personality, values, attitudes, interests, and lifestyles.
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Behavioral segmentation: Dividing a market into groups based on consumers' knowledge, attitudes, use, or response to a product.
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Geographic segmentation: Dividing a market into groups based on location, such as country, region, city, or neighborhood.
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Mass marketing: A marketing approach in which a business tries to appeal to the entire market with a single product or message.
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Niche marketing: A marketing approach in which a business focuses on a specific, well-defined segment of the market.
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Positioning: The process of creating an image or identity for a product in the minds of consumers.