Market Segments Consist of Groups of Potential Customers with Common

question 121

True/False

Market segments consist of groups of potential customers with common characteristics that influence their buying decisions.

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Definitions:

Defects

Imperfections, faults, or flaws in a product or service that detract from its intended quality or functionality.

Continuous Process

A production process that operates without interruption, as opposed to discrete manufacturing processes that are set up and stopped in between the production of different products.

Service Providers

Companies or individuals who offer services to others, as opposed to selling physical products.

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization, focusing on converting materials and labor into goods and services as efficiently as possible.