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What is a target market?
AThe total number of buyers in a country for a product
BThe set of firms that compete for the same customers
CThe specific group a firm directs its efforts toward
DThe share of sales that a firm holds in an industry
Answer & Solution
Correct answer: C. The specific group a firm directs its efforts toward
1. A target market is a specific group of customers, either organizations or individual consumers.
2. It is the group toward which a firm directs its marketing efforts.
3. It is chosen out of the total market once environmental factors are understood.
4. The total market, the set of rivals and market share are all different measures.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.2 Creating a Marketing Strategy_
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