The Process of Identifying Groups Within the Market Whose Needs

question 19

Multiple Choice

The process of identifying groups within the market whose needs and wants intersect with the product and its features is known as ________.

• A)setting objectives
• B)research
• C)differentiation
• D)positioning
• E)segmentation

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Definitions:

Tariff

A tax imposed by a government on goods and services imported from other countries to raise state revenue or to protect domestic industries.

Total Surplus

The total net gain to consumers and producers from trading in a market, represented by the sum of consumer and producer surplus.

Employment

The condition in which an individual who is capable of working is engaged in a paid job.

Small Country Assumption

An economic model assumption that a country's market size is small enough that its actions do not affect world prices or incomes.