________ Describes the Firm's Understanding of the Customers, Their Needs

question 3

Multiple Choice

________ describes the firm's understanding of the customers, their needs, and their wants.

• A) Benchmarking
• B) Closeness to customers
• C) Customer demographic analysis
• D) Customer culture
• E) Customer capability

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Definitions:

Market Segment

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product and/or service needs.

Marketing Strategy

A comprehensive plan formulated to achieve marketing objectives, including target markets, positioning, and marketing mix decisions.

Multi-segment

A marketing strategy that targets more than one customer segment, acknowledging that different segments have different needs and wants.

Segment Descriptors

Attributes or characteristics used to define and differentiate subsets of a market or population.