​People and Organizations Have Needs and Wants They Seek to Satisfy

question 159

Multiple Choice

​People and organizations have needs and wants they seek to satisfy through the purchase of goods and services. These people and organizations represent a _____________ that marketers try to appeal to. Marketers will sometimes find it more advantageous to attempt to appeal to a subgroup of these people and organizations which is called a ________________. This subgrouping process is accomplished through the use of _______________ techniques.

• A)Market segment; Cohort group; Marketing
• B)Market segment; Market; Product mix
• C)Market; Target market; Target marketing
• D)Market; Market segment; Market segmentation
• E)Market; Market segmentation; Marketing

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Definitions:

Short Run

A period in economics during which some factors of production are fixed, making it impossible for a business to change major production facilities.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.

Output

The cumulative output of goods and services from a company or an economic system.

Average Total Cost

The total cost of production divided by the total number of units produced, representing the per unit cost of production.