Which of the following statements concerning the term "market" is NOT correct?
A) A market is defined on the basis of both readiness and ability to buy.
B) Each market subset generally represents a potential target market.
C) The terms "market" and "target market" are synonymous.
D) A market may be divided into subgroups, each of which are known as market segments.

Question

Quizplus · Accepted Answer

The terms "market" and "target market" are not synonymous. A market refers to all potential customers who share a particular need or want, while a target market is a specific group of consumers within the broader market that a company chooses to serve.

Which of the Following Statements Concerning the Term "Market" Is