2024 Business Test

Front

What is a mass market?

Back

A market for all potential customers sharing common needs.

Front

Which of the following best describes a niche market? A market for all potential customers, A market targeting a broad audience, A market for a narrow group with specific characteristics, A market with no customer segmentation

Back

A market for a narrow group with specific characteristics

Front

What is a target market?

Back

A group of customers most likely to buy a product with common needs.

Front

What does the process of market segmentation involve?

Back

Dividing a larger market into smaller groups

Front

Which of the following is NOT a segmentation variable? Age, Gender, Product size, Customer service quality

Back

Product size

Front

How can accurate target marketing benefit a company?

Back

By increasing sales and growth opportunities

Front

What is a customer persona?

Back

A detailed description of a typical consumer in a market segment.

Front

What is the focus of micro-marketing?

Back

Targeting smaller than niche markets

Front

What does the term "mass customization" refer to?

Back

Combining flexibility and personalization in products

Front

Which of the following is a characteristic of a target market?
Options:
Random and undefined needs,
Clearly defined common needs,
Completely unrelated interests,
Unspecified purchasing behavior

Back

Clearly defined common needs