EI 3.03 Market Identification Quiz

A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire

• Consumer market

• Market

A customer or potential customer who purchases goods or services to satisfy personal desires

• Consumer market

• Target market

A customer or potential customer who purchases items for use in the operation of a business, for resale, or for making other goods

• Focus Market

• Industrial market

The particular group of customers a business seeks to attract

• Target market

• Market segment

One of the groups into which the total market is divided

• Consumer market

• Market segment

The division of a total market into smaller, more specific groups

• Market segmentation

• Geographic segmentation

Designing products and directing marketing activities to appeal to the whole market; also known as undifferentiated marketing

• Mass Marketing

• Individual Marketing

The division of a market on the basis of its physical and social characteristics

• Demographic segmentation

• Behavioral segmentation

The division of a market on the basis of where customers are located

• Geographic segmentation

• Psychographic segmentation:

The division of a market on the basis of customers’ responses to a product

• Behavioral segmentation

• Psychographic segmentation: