The Final Step in Segmenting and Targeting Markets That Links

question 75

Multiple Choice

The final step in segmenting and targeting markets that links customer needs to marketing actions is to

• A) take marketing actions to reach target markets.
• B) group potential buyers into segments.
• C) select target markets.
• D) group products to be sold into categories.
• E) develop a market-product grid and estimate size of the overall market.

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Definitions:

Jointly Maximize

A strategy or action designed to optimize two or more objectives or outcomes at the same time.

Marginal Cost

The cost added by producing one extra unit of a product or service.

Output Effect

The change in total revenue resulting from selling more units at a lower price, in the context of price elasticity of demand.

Socially Efficient

An allocation of resources is considered socially efficient if it cannot be reallocated in a way that improves the wellbeing of one individual without worsening the situation of another.