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There Are Five Key Steps in Segmenting and Targeting Markets

question 16

Essay

There are five key steps in segmenting and targeting markets, which link market needs of customers to the organization's marketing program. List these five key steps.


Definitions:

Supply and Demand

The fundamental economic model describing how prices vary as a result of a balance between the quantity of a good or service available and the quantity desired by consumers.

Real Price

Price of a good relative to an aggregate measure of prices; price adjusted for inflation.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that a seller is willing and able to supply, usually depicted as upward sloping.

Real Price

The price of a good or service after adjusting for inflation, reflecting its true purchasing power over time.

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