ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Consumers are free to buy the goods and services that best fill their wants and needs. Workers are free to seek any jobs for which they are qualified. A market economy is driven by the motive of self-interest. Consumers have the motive of trying to get the greatest benefits from their budgets.

Detailed explanation-3: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.

Detailed explanation-4: -A consumer market is a market when individuals purchase products or services for their own personal use, as opposed to buying it to sell themselves. Consumer markets consist primarily of products that people use as part of their everyday lives.