Question

The part of the market that a specific product is focusing on is called a(n) _

Answer 1

Answer The part of the market that a specific product is focusing on is called a target.

Explanation: Target marketing involves breaking a market into segments and then focusing on your marketing efforts on one. Only a certain portion of the population will actually be interested in your specific product. That is your target market.

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Answer 2

The part of the market that a specific product is focusing on is called a narrowly defined market. By targeting a specific market segment, businesses can tailor their strategies to attract and serve their desired customers.

Step-by-step explanation:

The part of the market that a specific product is focusing on is called a narrowly defined market. Narrowly defining the market means specifying a specific segment or niche within the overall market where the product aims to target and satisfy the needs of a specific group of customers.

For example, if a company produces high-end luxury watches, their narrowly defined market would be wealthy individuals who are willing to pay a premium for exclusive timepieces. By focusing on this specific market segment, the company can tailor their product and marketing strategies to effectively attract and serve their target customers.

In contrast, a broadly defined market refers to a larger market that encompasses a wider range of customers and needs. For instance, the overall market for watches would include various segments such as affordable fashion watches, sports watches, and smartwatches.