Identifying a Target Market - Summative

What term is associated with customers or businesses being grouped based on commonly shared characteristics?

• Buying patterns

• Demographics

• Market segments

• Market mix

Which segment factor do marketers use when identifying a market based on occupation and whether people own or rent?

• Psychographics

• Demographics

• Geographics

• Buying patterns

Observe the image. What are the customer profiles?

Doug is single, 25 years of age with annual income of $300,000. He owns a condominium in the city, is very spontaneous and loves to travel abroad. Which market should target Doug as a customer?

• Honda car dealer

• Nike

• a Jewler

• Travel agent

Which group of people are considered those who are limited and most likely to buy a product or service?

• Niche market

• Target market

• Mass market

• Segmented market segment

Why does the segmented market segment benefit larger businesses?

• Because they are able to start selling an established brand

• Because they focus on customer customization

• Because they have more resources to work with

• Because it has the potential to grow

ABC Health store initially only sold healthy soft drinks. After the owner of the store started a new marketing campaign on social media the business took off and now he also sells smoothies at the ABC Health store. Which market segment characterizes the business?

• Niche market

• Diversified market

• Multi-sided market

• Segmented market

What should an entrepreneur do first to create a customer profile?

• Locate a target audience

• Determine common customer behaviors

• Identify similar customer demograhics

• Gather and analyze customer information

When a marketer focuses on groups such as elderly people and vegans, which segment is being chosen?

• Target market

• Diversified market

• Niche' market

• Mass market

Why is it important to match customers' needs and wants to products or services?