Market Segments Can Be Defined in Many Different Ways

question 79

Essay

Market segments can be defined in many different ways.One way to carve up a market is to identify preference segments.List and briefly characterize three preference segments cited in the text.

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Definitions:

Primary Groups

Small social groups characterized by close, personal, and enduring relationships, such as those found in families and close friendships.

Formal Organizations

Structured groups established for specific purposes, characterized by regulations, hierarchies, and standard operating procedures to coordinate members' activities.

Bureaucracies

Organizational structures designed to carry out administrative tasks efficiently, often characterized by standardized procedures and hierarchical division of responsibilities.

Macro

Pertains to a large-scale or overall approach, often used in contrast with micro, which focuses on smaller units within a system.