When We Think Generally About a Group of Related Items-For

question 29

Multiple Choice

When we think generally about a group of related items-for example, realizing that Mustang, Nova, Maverick, Firebird, and Jaguar are all cars-we are using

• A) heuristics.
• B) algorithms.
• C) propositions.
• D) concepts

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Definitions:

Market Segmentation

The process of dividing a market of potential customers into groups, or segments, based on different characteristics such as demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better tailor marketing strategies.

Limited Marketing

A strategy that involves targeting a specific market segment with a concentrated and streamlined marketing mix.

Market Fragmentation

The division of a market into smaller segments with varied preferences, characteristics, or needs, often resulting in increased competition.

Mass Marketing

a marketing strategy that targets a large, general audience with a uniform message, rather than tailoring messages to specific demographic or psychographic segments.