If the Market for a Product Is Narrowly Defined, Then

question 172

True/False

If the market for a product is narrowly defined, then there are likely to be many substitutes for the product and the demand for the product is relatively elastic.

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Definitions:

Marketing Research

Refers to the systematic process of collecting, analyzing, and interpreting information to help marketers make informed decisions about market opportunities, segmentations, and marketing strategies.

Consumer Needs

The essential requirements and desires that motivate consumers to make purchasing decisions.

Market Segments

Groups of potential customers with similar needs, desires, and characteristics that a company targets with specific marketing actions.

Sexual Attractiveness

The qualities or attributes that make an individual appealing or desirable to others in a sexual or romantic context.