Greta Is Concerned That One of the Potential Market Segments

question 58

Multiple Choice

Greta is concerned that one of the potential market segments she has identified for her dog grooming service is too small and has too little income to have sufficient buying power.Greta is concerned with whether the segment is

• A) substantial.
• B) responsive.
• C) profitable.
• D) reachable.
• E) identifiable.

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Definitions:

Substitute

A product or service that can be used in place of another to satisfy similar needs or desires.

Equilibrium

A state in which market supply and demand balance each other, resulting in stable prices and quantities.

Demand Decreases

A situation where the quantity of a product or service sought by buyers is less than it was previously, often leading to lower prices.

Supply Increases

Supply increases refer to a situation in which the availability of a product or service in the market rises, which can be due to factors such as improved production methods or increased raw material availability.