A Target Market

question 74

Multiple Choice

A target market

• A) involves a large number of customers.
• B) is a specific group of customers on whom an organization 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:

Protectionism

Protectionism is an economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations.

Exploitation

The act of making use of resources or advantages for one's own benefit, often without regard for ethics or fairness.

Skimming Strategy

A pricing strategy in which a company charges the highest initial price that customers will pay and then gradually lowers the price to attract more price-sensitive customers.

Product Life Cycle

A concept that describes the stages a product goes through from development to withdrawal from the market, including introduction, growth, maturity, and decline.