Why Do Marketers Segment the Market

question 11

Essay

Why do marketers segment the market?

Distinguish between ideal culture, real culture, subcultures, and countercultures.

Recognize the impact of ethnocentrism and cultural relativism on perceptions of culture.

Understand the influence of popular culture, high culture, and mass culture in society.

Appreciate the role of symbols, ideology, and cultural identity in shaping individual and collective behavior.

---

Definitions:

Profit-maximizing

This is an economic process where a firm determines the price and output level that returns the greatest profit.

Real Wages

Income from labor, corrected for inflation to reflect the real buying capability.

Nominal Wages

Wages paid to labor in current currency terms, without adjustment for inflation.