GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a specific group of consumers to whom a company aims the selling of its products or services
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a favorable, external factor companies cannot control
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items (materials) used in the production of a good
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negative, internal factors that a company can control
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distinguishes the organization’s product or service from competitors because of certain unique characteristics
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Detailed explanation-1: -A target market is a group of potential customers that you identify to sell products or services to. Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle.
Detailed explanation-2: -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.
Detailed explanation-3: -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-4: -A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business’s serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.