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- 1. Multiple Choice
It refers to all individuals and organizations in a particular market who have some level of interest in buying a particular product or service.
Potential Market
Available Market
Target Market
Penetrated Market
- 2. Multiple Choice
It refers to prospects who are both willing and capable of buying a particular product or service in a particular market. It also includes the access to market for those buyers.
Potential Market
Available Market
Target Market
Penetrated Market
- 3. Multiple Choice
It refers to a group of potential customers to whom a company wants to sell its products and services.
Potential Market
Available Market
Target Market
Penetrated Market
- 4. Multiple Choice
It refers to a set of customers who are already using a particular product or service.
Potential Market
Available Market
Target Market
Penetrated Market
- 5. Multiple Choice
Which of the following would you NOT DESCRIBE as a need?
Food
Electricity
Water
Shelter
- 6. Multiple Choice
What is the best explanation of needs and wants?
Needs are what we need in order to survive while wants are things we just want.
Needs are essential while wants are not.
There are no difference. They are synonymous.
Needs are what we need to function from a physiological perspective while wants are specific ways to fulfill our needs.
- 7. Multiple Choice
What is the difference between ‘customer’ and ‘consumer’?
There is no difference.
Customers buy products while consumers use those products.
Costumers buy products on behalf of consumers.
None of the above
- 8. Multiple Choice
Why do business break the market down?
To target their potential customers
To reduce cost
To lessen the work
All of the above
- 9. Multiple Choice
Which of the following is the best explanation of potential market?
The likely sale volume your product can achieve in the market.
The potential sales you can make in the market.
The probable share of the market your product can achieve.
None of the above
- 10. Multiple Choice
What is the definition of ‘market size’?
Measurement of the total volume of a given market.
Measurement of the total value of a given market.
Measurement of the total volume of a local market.
Measurement of the total volume of a foreign market
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