MANAGEMENT

Detailed explanation-1: -Marketers often use the term market to cover various groupings of customers. The term market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product.

Detailed explanation-2: -Marketers often use the term market to cover various groupings of customers. They view the sellers as constituting the industry and the buyers as constituting the market.

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

Detailed explanation-4: -Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. ( Approved 2017)

Detailed explanation-5: -Which part of the consumer’s income interests the marketers? Explanation: Discretionary Income is the amount of income that is left for spending or investing after the customer has paid for the personal necessities and taxes.