Business Studies Multiple Choice Question – 1 November 2017

A part of a market that contains a group of buyers with similar characteristics is called a market?

Select ONE answer:

1. Opportunity
2. Map
3. Segment
4. Gap
5. Resource

Why is understanding whether your total market can be segmented down to specific groups of buyers with similar characteristics important to businesses?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 3 – A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes. Each market segment is unique, and businesses use various criteria to create a target market for their product or service. Businesses approach each segment differently, after fully understanding the needs, lifestyles, demographics and personality of the target consumer within the segment.

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