BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a market available at target
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a group of people who all buy the exact same goods and services
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a group of producers who have similar interests and therefore join in a partnership business
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a group of customers with similar characteristics towards which a business has decided to aim its marketing efforts and its products
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Detailed explanation-1: -A target market is the overall group of people a business is trying to reach through its marketing efforts. Meanwhile, a target audience is a specific subset of the target market that a company attempts to reach through targeted marketing efforts.
Detailed explanation-2: -Target markets are typically defined by a set of characteristics, which may include: Demographic information, such as age range, marital status, and income level. Geographic information, such as specific cities or zip codes. Psychographic information, such as interests, values, and lifestyles.
Detailed explanation-3: -A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company’s product or service. Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.