The Division of Buyers into Groups Based on Their Knowledge,attitudes,uses,or

question 69

Multiple Choice

The division of buyers into groups based on their knowledge,attitudes,uses,or responses to a product is called ________ segmentation.

• A)behavioral
• B)psychographic
• C)age and life-cycle
• D)user status
• E)geographic

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Definitions:

Market Failure

A situation in which the allocation of goods and services by a market is not efficient, often leading to a net social welfare loss.

Imperfect Information

A situation where buyers, sellers, or both lack the necessary information to make informed decisions about the market.

Private Goods

Goods that are excludable and rivalrous, meaning their consumption by one individual prevents another from consuming them.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by everyone and one person's use does not diminish another's.