Author Question: Identify demographic factors used to define the target market. What will be an ideal ... (Read 49 times)

fagboi · **on:** Aug 10, 2018

Identify demographic factors used to define the target market.

What will be an ideal response?

Question 2

Explain the importance of competitors in assessing market conditions.

What will be an ideal response?

anyusername12131 · **Reply #1 on:** Aug 10, 2018

Answer to Question 1

Demographic factors are among the most useful to managers as they seek toidentify their target markets. Important demographic factors include age,education, ethnicity, geography, household size, income level, occupation,race, religion, spending patterns, sexual orientation, and stage in the familylife cycle.

Answer to Question 2

Within every establishment's market area a variety of competitors will likelyseek to gain new customers. Of course, they will also try to retain theircurrent ones. The restaurant and foodservice business is competitive. In mostmarket areas, new establishments open and existing operations close. Also,the entire size of a market may expand or contract.Because this is true, the market size, the number of direct competitors, andthe resulting market share are examples of information that must becarefully monitored.