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Glossary

  • Market segmentation: The process of dividing a market into smaller groups of consumers with similar needs or characteristics.

  • Target market: A specific group of consumers that a business has decided to target with its marketing efforts.

  • Demographic segmentation: Dividing a market into groups based on characteristics such as age, gender, income, education level, and occupation.

  • Psychographic segmentation: Dividing a market into groups based on personality, values, attitudes, interests, and lifestyles.

  • Behavioral segmentation: Dividing a market into groups based on consumers' knowledge, attitudes, use, or response to a product.

  • Geographic segmentation: Dividing a market into groups based on location, such as country, region, city, or neighborhood.

  • Mass marketing: A marketing approach in which a business tries to appeal to the entire market with a single product or message.

  • Niche marketing: A marketing approach in which a business focuses on a specific, well-defined segment of the market.

  • Positioning: The process of creating an image or identity for a product in the minds of consumers.