Revision Flashcard 6: Markets, Market Segments, Market research

Front

Fill in the blank: A market is a ______ or ______ who is willing and able to spend money to satisfy wants or needs.

Back

person, group

Front

Key Idea: A market is NOT a place, it is a group of ______.

Back

buyers

Front

What is a target market? Fill in the blank: A target market is the specific group of ______ most likely to buy your product or service.

Back

customers

Front

Which of the following is NOT a characteristic of a target market?
- Need or want what you offer
- Have the money to buy it
- Are reachable through marketing
- Are competitors in the market

Back

Are competitors in the market

Front

Mass Marketing is trying to appeal to the entire market with ________.

Back

one message

Front

What is competition in marketing? Fill in the blank: Competition is the ________ between companies selling similar products.

Back

rivalry

Front

Which of the following is an example of competition between companies?

Back

All of the above

Front

Which of the following is NOT a reason why competition is increasing? A) Customers have fewer choices B) Online/e-commerce expands options C) Customers compare and choose carefully

Back

A) Customers have fewer choices

Front

What is a market segment? Fill in the blank: A market segment is a group of people who share ________.

Back

one or more characteristics

Front

Market segmentation is the process of dividing the whole market into ________ so marketing can be more precise.

Back

smaller groups