Which Segmentation Approach Is Most Likely to Help Marketers Quantify

question 151

Multiple Choice

Which segmentation approach is most likely to help marketers quantify aspects of consumers' personalities and lifestyles to create goods and services for a target market?

• A) psychographic
• B) demographic
• C) geographic
• D) product-based

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Definitions:

Deadweight Loss

An economic inefficiency that occurs when the equilibrium for a good or service is not achieved or is not allocatively efficient.

Monopoly

A market structure where a single firm controls the entire market for a good or service, with no close substitutes available.

Market Price

The present rate at which a product or service is being traded in the market.

Perfectly Competitive

A market structure where many firms offer products or services that are similar, leading to no single firm having significant market power.