A Group of Middle School Students Stop by a Bicycle

question 180

Multiple Choice

A group of middle school students stop by a bicycle store.The store has just received a new shipment of high-end racing bicycles.The bicycles range in price from $1,200 to $3,000.All of the students want one of these new bikes,but none has the means to buy one.Is this group of consumers a potential market for the expensive bikes?

• A) Yes,they are a potential market since they are all about the same age.
• B) No,they do not have the ability to purchase at this time.
• C) No,to qualify as a market,they must need the product.
• D) Yes,they are a market because this product could satisfy their consumer wants and desires.
• E) Yes,they are a market because this group shares relatively similar product needs and purchasing characteristics.

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Definitions:

Bilateral Trade Agreement

A trade pact between two countries to facilitate trading and commerce, reducing tariffs and other trade barriers to mutually benefit the economies of the two nations.

Safety Standards

Established norms and criteria designed to ensure products, services, or environments are safe for use or occupation.

Limit Inflow

Measures or policies set to restrict the amount of incoming resources, funds, or foreign currencies into a country or system.

Administrative Delays

Delays in processes or decision-making within an organization, often due to bureaucratic obstacles or inefficiency.