Final answer:
False
The term for the group of potential consumers marketers target is 'target market' or 'target audience', not 'consumer market'. The 'consumer market' includes all potential customers for personal use goods and services, while a cohort is studied to observe changes over time in relation to shared characteristics.
Step-by-step explanation:
The statement is false. The specific group of existing and potential consumers to which a marketer targets their marketing efforts is referred to as the target market or target audience, not the 'consumer market'. The 'consumer market' is a broader term that includes all potential customers who purchase goods and services for personal use. On the other hand, a cohort refers to a group of individuals who share a common characteristic or experience within a defined period, such as birth year, graduation year, etc. Cohorts usually are studied to observe changes over time in relation to the group's shared characteristics.
Markets are the meeting place for demand and supply, where buyers and sellers come together for the purpose of trade. Factors that influence consumers' purchasing decisions include product preferences, price, quality, brand loyalty, and marketing activities. Understanding these factors is key for businesses when they are deciding upon their target market in their marketing strategy.
Often, researchers conduct surveys to understand a market or target audience better. They may use a sample of the population that best represents the larger group they're interested in. The product market plays a crucial role as it's where firms sell their goods and services to households, generating revenue that fuels the business cycle.