GENERAL KNOWLEDGE

Detailed explanation-1: -The term market refers to all the people who might buy a product. All people who share similar needs and wants and who have the ability to purchase a given product are a market.

Detailed explanation-2: -A market is defined as all people who share similar needs and wants and who have the ability to purchase given products. Market share is a firm’s percentage of total sales of all competitors in a given market. The four Ps of the marketing mix are product, place, price, and promotion.

Detailed explanation-3: -Market – A group of all potential customers who share common needs and wants, and who have the ability and willingness to buy the product. Mass Marketing – Is the use of a single marketing plan to reach all consumers.

Detailed explanation-4: -Mass marketing, or undifferentiated marketing, involves selling the same product to everyone.

Detailed explanation-5: -A market segment is a group of people who share one or more similar characteristics. Corporations and marketing teams use various criteria to develop target markets for their products and services.