Targeting the Market
This is a list of questions you ask people to gather data about what they like to buy.
What is a survey?
This is the total amount of money brought in by a business before any expenses are taken out.
What is Revenue?
Deciding what color to paint the walls of your store is this level of day-to-day business decision.
What is an operational (or routine) decision?
This is the amount of a product that businesses are willing to make and sell.
What is supply?
This popular AI chatbot created by OpenAI is often in the news for its ability to write essays, answer questions, and write code.
What is ChatGPT?
The specific group of customers a business wants to sell its products to is called the "Target..."
What is Market?
To find Total Revenue, you multiply the Quantity Sold by this amount.
What is the Unit Price?
Deciding to launch a brand new product line to beat a competitor is this type of big-picture, long-term decision.
What is a strategic decision?
This is how much of a product consumers actually want to buy at a certain price.
What is demand?
The 2024 Summer Olympics, which generated billions of dollars in sponsorships and tourism, were held in this European city.
What is Paris?
Dividing your market by age, gender, or income is known as this type of segmentation.
What is demographic segmentation?
These are the direct costs of making a product, abbreviated as COGS.
What is Cost of Goods Sold?
Deciding how much money to spend on a TikTok ad campaign is this type of decision.
What is a tactical decision?
On a graph, the demand curve generally slopes in this direction as the price goes up.
What is downward?
In April 2024, millions of people bought special paper glasses to safely view this rare celestial event.
What is a total solar eclipse?
The process of gathering information about consumers' needs and preferences is called Market...
What is Research?
Revenue minus COGS equals this amount.
What is Gross Margin?
Deciding whether to take out a $10,000 bank loan is this type of decision.
What is a tactical decision?
On a graph, the supply curve generally slopes in this direction as the price goes up.
What is upward?
To help students focus on learning, many U.S. states are currently passing laws to restrict the use of these devices in schools.
What are smartphones?
If a company only sells winter coats to people living in cold states, they are using this type of segmentation based on location.
What is geographic segmentation?
Gross Margin minus Overhead equals this ultimate financial goal of a business.
What is Profit?
Deciding to hire three new employees for the holiday rush is this type of decision.
What is a operational decision?
The perfect point on a graph where the supply curve and the demand curve cross is called this.
What is equilibrium?
This major electric vehicle company, run by Elon Musk, produces the Model Y and the Cybertruck.
What is Tesla?