Age Is a Commonly Used Method of Segmentation

question 13

Multiple Choice

Age is a commonly used method of segmentation. Age alone, however, may be dangerous because ________.

• A) grouping older customers into one group is an approach that fails to consider the vast differences in other important variables
• B) chronological age and psychological age are the same
• C) older consumers exhibit very little differences from person to person on things such as income, mobility, and work status
• D) this approach ignores chronological age
• E) this approach presumes irregularity of consumer needs and wants by age

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Definitions:

Business Model Canvas

A strategic management tool that allows companies to document, discuss, and develop their business models through nine key components.

Customer Relationships

The interactions and bonds formed between a business and its customers, crucial for building loyalty and repeat business.

Customer Loyalty

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A statement that outlines the unique benefits or value that a product or service provides to its customers.