Day: December 2, 2017

Business Studies Multiple Choice Question – 2 December 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A toy manufacturer sells toys which are linked to a popular TV program aimed at 1-4-year-olds. It also sells toys aimed at 5-9-year-olds.

The two age ranges for the toy manufacturer are examples of a market?

Select ONE answer:

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

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 5 – 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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