A group of middle school students stop by a bicycle store.The store has just received a new shipment of high-end racing bicycles.The bicycles range in price from $1,200 to $3,000.All of the students want one of these new bikes,but none has the means to buy one.Is this group of consumers a potential market for the expensive bikes?
A) Yes,they are a potential market since they are all about the same age.
B) No,they do not have the ability to purchase at this time.
C) No,to qualify as a market,they must need the product.
D) Yes,they are a market because this product could satisfy their consumer wants and desires.
E) Yes,they are a market because this group shares relatively similar product needs and purchasing characteristics.

Question

Quizplus · Accepted Answer

A market is a group of people or organizations that has wants and needs that can be satisfied by particular product categories,has the ability to purchase these products,and is willing to exchange resources for the products.There is no suggestion of ability in this case.

A Group of Middle School Students Stop by a Bicycle