ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Group of customers at which a product or service is aimed, or targeted.
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Splitting the market for a product into different parts, or segments.
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Either A or B
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None of the above
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Detailed explanation-1: -A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.
Detailed explanation-2: -A target market is the group of people most likely to purchase a specific product or service. It’s important for businesses to understand their target market, because members of this group are most likely to buy and recommend their products, improving the number of sales.
Detailed explanation-3: -The term “target customer” refers to the audience you want to engage with the help of your marketing efforts. These people are most likely to buy your goods or services if they find out about them through one of your marketing efforts.
Detailed explanation-4: -A target customer is an individual that’s most likely to buy your product. And it’s a subset of the broader target market. For example, if your target market is female athletes between the ages of 13 to 25, a target customer could be female athletes in the specific age range of 13 to 16.