When a marketing research organization chooses a segment of the population that represents the population as a whole, they have chosen a ?
Correct answer: C. sample
- A. group
- B. bi-variant population
- C. sample
- D. market target
Explanation
A sample is a smaller group selected to represent the characteristics of the entire population. A target market is the customer group a firm intends to serve, not necessarily a research subset.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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