Marketers often use the term ___________ to cover various groupings of customers.
Correct answer: D. Market
- A. People
- B. Buying power
- C. Demographic segment
- D. Market
Explanation
A market is a grouping of actual and potential buyers who share a need or want and have the ability and willingness to exchange for it. A demographic segment is only one possible way of dividing a market.
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Marketing covers how organisations identify customer needs, create value and exchange products or services through suitable markets. Key concepts include market segmentation, targeting, positioning, consumer behaviour, the marketing mix of product, price, place and promotion, branding, product life cycle and differences between marketing and selling.
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