A Customer Group That Involves Large Portions of the Population

question 34

Multiple Choice

A customer group that involves large portions of the population is referred to as a _____.

• A) niche market
• B) secondary market
• C) local market
• D) mass market

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Definitions:

HRM Practices

The activities and strategies that human resource management professionals employ to manage and develop an organization's workforce.

Low-Cost Provider Strategy

A competitive strategy focusing on producing goods or services at the lowest cost compared to competitors to attract price-sensitive customers.

Differentiation Strategy

A business approach in which a company seeks to distinguish its products or services from competitors through unique features.

Strategic Planning

The process of defining a company's strategy or direction and making decisions on allocating resources to pursue this strategy, including its capital and people.