Final answer:
A group of customers with shared characteristics who are expected to have a similar response to a marketing mix is known as a target market. Target markets are specific segments of the overall market that businesses identify and focus their marketing efforts on.
Step-by-step explanation:
A group of customers with shared characteristics who are expected to have a similar response to a marketing mix is known as a target market.
Target markets are specific segments of the overall market that businesses identify and focus their marketing efforts on. These segments are defined based on factors such as demographics, psychographics, behaviors, and needs.
For example, if a company is launching a new line of athletic shoes designed for marathon runners, their target market would be marathon runners who value high-performance footwear. By understanding the characteristics and preferences of this target market, the company can tailor their marketing mix (product, price, place, and promotion) to effectively reach and attract these customers.