level: Customers
Questions and Answers List
level questions: Customers
| Question | Answer |
|---|---|
| what is a market segment | a group of customers who share similar characteristics |
| give some examples of market segments | age gender location religion lifestyle/hobby occupation |
| what is a target market? | the group of customers a business is aiming their product or service towards |
| what are some benefits of target marketing | products better suited to the target market's needs, improved customer satisfaction. businesses can choose appropriate pricing, increased sales businesses can sell products where the target market shops decreased chance of product failure, reduction in wasted investment |
| what is a market? | where customers and sellers come together |
| what is a market share? | the proportion of customers in a market that one organisation sells to |
| what is a market leader? | the organisation with the highest market share in a particular market |
| what is market growth? | the overall increase of the number of customers in a particular market |