The relatively homogenous groups of prospective buyers that have common needs and will respond similarly to a marketing action is referred to as a(n) __________.
A)market segment
B)target market
C)customer base
D)ultimate consumer
E)preferred customer

Question

Quizplus · Accepted Answer

A market segment refers to a group of prospective buyers who share common needs and characteristics, such as demographics, psychographics, behaviors or attitudes. These groups are typically more homogeneous or similar to each other than the overall market, which allows marketers to tailor their marketing efforts and offer more customized products, services, messages or promotions that are more relevant and appealing to these specific groups. A target market, on the other hand, is a segment or segments of the market that a company chooses to focus its marketing efforts and resources on, based on its goals, resources, capabilities, and competitive landscape. A customer base is the group of current customers who have already purchased or used a company's products or services. An ultimate consumer refers to the end-user or final customer who buys and uses a product or service for personal or household purposes, rather than for resale or production. A preferred customer is a loyal or high-value customer who receives special treatment or benefits from a company, such as discounts, rewards, or exclusive offers.

The Relatively Homogenous Groups of Prospective Buyers That Have Common