Unit 1 Marketing Review

What is a Target Market?

• A group of people most likely to become customers

• A group of people who are similar in age

• A group of people with the same ethnicity

• A group of people identified by other businesses

The owner of a financial consulting business provides her customers with?

• a good

• a service

• a promotion

• a target market

Goods are tangible products such as cars, computers, and clothing.

• True

• False

The only goal of a retail business is to make a profit.

• True

• False

When determining a target market, a customer profile will list information such as ethnic background, age, income level and geographic location.

• True

• False

An increased demand for a product will likely lower the unit cost of producing a product.

• True

• False

Selling camping gear through catalogs mailed to Sierra Club members and other outdoors-people is an example of possession utility.

• True

• False

Distribution or Channel Management of a product involves getting the product into the consumer's hands.

• True

• False

The added value of a product in economic terms is known as

• product/service management

• utility

• price

• scarcity

Businesses that buy products for use in their operations is known as

• product market

• consumer market

• organizational market

• target market