What Is Psychographic Segmentation Based On

question 234

Multiple Choice

What is psychographic segmentation based on?

• A) quantitative side of the consumer demographic analysis
• B) quantitative side of the consumer geographic analysis
• C) individual's residential patterns and life cycle preferences
• D) group's psychological characteristics, values, and lifestyles

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Definitions:

Nonprice Competition

Strategies companies use to attract customers that do not involve changing the price of goods or services, such as advertising and product differentiation.

Demand Curve

A graphical representation showing the relationship between the price of a good and the amount consumers are willing to buy at various prices.

Elasticity Coefficient

A measure that indicates how much the quantity demanded of a good or service changes in response to a change in price.

Average Revenue

The revenue a company receives for selling one unit of a product, or the total revenue divided by the quantity of products sold.