A ________ Market Is a Place Within a Larger Market

question 47

Multiple Choice

A ________ market is a place within a larger market segment that represents a narrower group of customers with similar needs.

• A) secondary
• B) primary
• C) target
• D) parallel
• E) minor

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Definitions:

Leisure Time

Time that an individual can spend at their own discretion, not occupied by work or domestic responsibilities.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less costly alternatives.

Higher Wage

Refers to an increase in the amount of money that an employee receives for performing one hour or another standard unit of work.

Leisure Time

Free time that an individual can spend away from work, chores, and other compulsory activities, often used for relaxation or hobbies.