Identifying Target Markets (HSC SSCE Business Studies): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is a target market?
What is a target market?
A specific group of potential customers
Which target market generates the majority of a business's revenue?
Which target market generates the majority of a business's revenue?
Primary target market
What does the 80/20 principle suggest about customer sales?
What does the 80/20 principle suggest about customer sales?
80% of sales come from 20% of customers
What percentage of Australian population do teenagers (ages 13-19) represent?
What percentage of Australian population do teenagers (ages 13-19) represent?
8%
Why do businesses identify target markets?
Why do businesses identify target markets?
To use marketing resources more efficiently
What characterises the mass marketing approach?
What characterises the mass marketing approach?
Single standardised product for broad range
What is market segmentation?
What is market segmentation?
Dividing market into groups with common traits
What best describes a niche market?
What best describes a niche market?
A narrowly defined segment within a segment
How did Fila shift its target market in 2018?
How did Fila shift its target market in 2018?
From people in 30s-40s to younger consumers
What was Fila's revenue increase in the first half of 2019 after repositioning?
What was Fila's revenue increase in the first half of 2019 after repositioning?
79.9%