MANAGEMENT

Detailed explanation-1: -A target market is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics such as age, income, and lifestyle.

Detailed explanation-2: -Consumer market-A market dominated as consumers as buyers. Early buyers-Consumers who look for new products or product attributes and often buy a product early in its life cycle. Early majority-Consumers who watch early buyer’s response to new products before buying.

Detailed explanation-3: -Market segmentation or customer groups are usually done on five levels: Demographic, psychographic, behavioral, geographic, and firmographic.

Detailed explanation-4: -Organizational markets are four types – industrial or producers, resellers, and institutions, and governments.

Detailed explanation-5: -Consumers can be either an individual or group of people who purchase or use goods and services solely for personal use, and not for manufacturing or resale. They are the end-users in the sales distribution chain.