Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.
A)undifferentiated
B)concentrated
C)homogeneous
D)differentiated
E)heterogeneous

Question

Quizplus · Accepted Answer

Heterogeneous markets are made up of individuals or groups with diverse needs for products. This means that the market is composed of consumers with different preferences, interests, and needs, and therefore requires a differentiated marketing strategy to appeal to these different segments. Undifferentiated markets refer to markets where the product or service is catering to a broad range of consumers with similar needs, while concentrated markets are focused on a narrow segment of consumers with a specific need. Homogeneous markets refer to markets where the consumers have similar needs and preferences for the product. Therefore, E is the best choice as it accurately describes the characteristics of most product markets.

Most Markets for Products Are Made Up of Individuals or Groups