Question

market research
when creating a product or service, it is important to keep in mind the target market. a target market is a group of customers that will buy a product or service. a target market helps a business focus on the area they will see most of their sales. a target market also helps a business determine the price of products and services. when determining the price, keep in mind the target market and how much they are willing to pay. a value proposition states why a customer should do business with a company. it conveys the value of products and services to customers. when determining target markets, it is important to use trusted data sources to get accurate information. primary data comes from first - hand accounts, such as interviews and surveys, and is more accurate and reliable. secondary data, such as articles or academic journals, interprets primary data and often includes personal bias.
purpose
upon completing this project, you will better understand target markets, pricing, and selecting data sources.
steps for completion

1. mark designs logos for businesses in his city. he mostly works with local bakeries. what is mark’s target market?

a. females, ages 13 - 19
b. males, ages 20 - 40
c. kids, ages 2 - 12
d. adults, ages 25 - 60

1. josie is a teenage girl who wants to start a jewelry - making business. her target market is females, ages 10 - 14. what price should she charge per necklace that she sells?

a. between one and ten dollars
b. between ten and twenty dollars
c. between twenty and thirty dollars
d. between thirty and forty dollars

1. a focus group was formed to provide opinions for a target market. what type of data is being collected from the focus group?

a.

1. an internet article about fashion trends seen in europe was used to select inventory for a small boutique. what type of data was used in this scenario?

a.

Explanation:

1. Mark works mostly with local bakeries. The characteristics of the customers of local bakeries are not defined by a specific age - gender group like the options given, but among them, adults (ages 25 - 60) are more likely to be customers of local bakeries compared to the other age - gender groups.
2. Teenage girls aged 10 - 14 usually have limited spending money. A price range of between one and ten dollars for a necklace is more affordable for them compared to the other higher price ranges.
3. A focus group provides first - hand opinions. First - hand accounts such as interviews and surveys are primary data.
4. An internet article is a form of secondary data as it interprets and presents information that may be based on primary data but is not first - hand information collected by the user.

Answer:

1. D. Adults, ages 25 - 60
2. A. Between one and ten dollars
3. A. Primary data
4. A. Secondary data