VALS Is a Popular Psychographic Segmentation System That Uses Psychology

question 29

True/False

VALS is a popular psychographic segmentation system that uses psychology and demographics to predict American consumer behavior.

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Definitions:

Price Elasticity

The measure of responsiveness of the quantity demanded or quantity supplied of a good to a change in its price.

Daytona 500

An iconic annual NASCAR Cup Series motor race held in Daytona Beach, Florida, known as "The Great American Race."

Price Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.

Price Elasticity of Demand

A measure of how the quantity demanded of a good changes in response to a change in its price, indicating its sensitivity to price changes.