A Target Market

question 104

Multiple Choice

A target market

• A)involves a large number of customers.
• B)is a specific group of customers on whom a company focuses its marketing efforts.
• C)already has several competitors vying for customers' business.
• D)is the same as a salesperson's prospective client list.
• E)is a customer group classified as people with similar demographic characteristics.

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Definitions:

Economic Profit

The difference between the total revenue earned by a business and the total opportunity costs of all resources used in the production.

Competitive Firms

Companies that operate in a market where there are many buyers and sellers participating with minimal restrictions, leading to competitive prices and product offerings.

Total Costs

The sum of all costs incurred by a business in the production of goods or services, including both fixed and variable costs.

Total Revenues

The total amount of money generated by a firm or entity from its business activities, before any expenses are subtracted.