Target Market Week 3

Different consumers have different needs.

• True

• False

Identifying your _____________ market makes it easier and more cost effective to reach potential customers.

• market

• marketing mix

• target

The process of dividing a diverse population into groups of individuals with shared characteristics is called what:

• Entrepreneurship

• Refine and Develop (R & D)

• Market Segmentation

• The Marketing Mix

It is impractical and unrealistic to develop and market a product that appeals to everyone.

• TRUE

• FALSE

SELECT ALL THAT APPLY: Target markets are used by companies to focus the sale of their product:

• Members of a target market have similar wants and needs

• Focus on target markets make it easier to develop products people want to buy

• Can help smaller companies compete with larger companies.

WHY segment a market?

• The fewer things we own the fewer things we must clean.

• They failed to take into account the special needs of old people.

• Consumers are not the same. They cannot be treated as if they have identical wants or needs.

• Customers only show up for sale priced items.

TRUE OR FALSE: The people who can buy a product Those who want that good or service – Ready Are willing to make it a reality – Willing

Have the resources to purchase it – Able

• TRUE

• FALSE

The people who can buy a product ARE CONSIDERED OR DESCRIBED AS THREE WORDS:

Those who want that good or service –

Are willing to make it a reality –

Have the resources to purchase it –

• Ready, Willing, Able

• Worried, No interest, broke

• Ready, not going to spend the money, Able

The process in which marketers often divide the total market for their products into smaller, more specific groups (target market).

• TRUE

• FALSE

Answer explanation

#GOOGLESLIDES FROM TUESDAY

The specific groups is the target market. The process in which marketers divide the total market for their products into smaller groups is market segmentation.

• TRUE

• FALSE

Answer explanation

SLIDE 3 GOOGLE SLIDES FROM TUESDAY