target market attributes

Question 1

market segmentation

Answer 1

when the total market is subdivided into groups who share one or more common characteristic

Question 2

market dimensions

Answer 2

those broad elements that allow a potential market segment to be identified

Question 3

demographic dimension

Answer 3

general characteristics of a specific population (age, gender)

Question 4

geographical dimension

Answer 4

different geographic areas or units (urban, rural)

Question 5

psychographic dimension

Answer 5

characteristics and traits of consumers (lifestyle, socioeconomic group)

Question 6

behavioural dimension

Answer 6

consumers’ knowledge, attitude, response of the product, and the way they use it or benefit from it (brand loyalty, benefits sought)

Question 7

target market

Answer 7

a group of customers with similar characteristics who currently purchase the product or may do so in the future

Question 8

niche market

Answer 8

a narrowly selected target market segment (exclusive fashion boutique)

Question 9

consumer trends

Answer 9

consumer tastes and preferences change, particularly as consumers’ lifestyles adjust to social, economic or environmental issues

Question 10

consumer buying behaviour

Answer 10

the decisions and actions of consumers when they purchase goods and services for personal or household use

Question 11

factors influencing consumer behaviour

Answer 11

Psychological influences - perception , movies, attitude, personality

Sociocultural influences - family and roles, peer groups, social class, culture

Economic influences - During a recession, consumer spending falls to a very low level.

Government influences - Governments use a number of economic policy measures to influence the level of economic activity