Firms That Sell Luxury Products, Custom-Made Products, and Services Often

question 40

Multiple Choice

Firms that sell luxury products, custom-made products, and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers. These firms are pursuing what type of approach to market segmentation?

• A) individualized marketing
• B) niche marketing
• C) pinpointed marketing
• D) focused marketing
• E) one-to-one marketing

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Definitions:

Physiological Needs

Basic physical requirements essential to human survival, such as air, water, food, shelter, and sleep, posited by Maslow as the foundation of his hierarchy of needs.

Modern Conveniences

Technologies, devices, or services that simplify tasks and make daily life easier compared to past times.

Fulfillment

The achievement of something desired, promised, or predicted, or a sense of happiness or satisfaction resulting from achieving one's potential or realizing one's desires.

Self-Actualize

The realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.