What is the main purpose of selecting a target market?
Correct answer: B. To identify the specific customer group an organisation chooses to serve
- A. To serve every possible customer with the same offering
- B. To identify the specific customer group an organisation chooses to serve
- C. To eliminate the need for market research and customer analysis
- D. To ensure that competitors cannot enter the industry
Explanation
Targeting involves evaluating market segments and choosing one or more groups for focused marketing efforts. It does not mean serving everyone or preventing competitors from entering the 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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