In Addition to Segmenting Markets in Terms of Cultural Factors,marketers

question 49

Multiple Choice

In addition to segmenting markets in terms of cultural factors,marketers also segment societies into smaller ________ that consist of people who are similar in terms of their ethnic origin,customs and ways of behavior.

• A) micromarkets
• B) individual markets
• C) racial subcultures
• D) subcultures
• E) microsocieties

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Definitions:

Specialization

The process in which individuals, firms, or countries focus on producing a narrow range of products or services, often to improve efficiency and productivity.

Division of Labor

The allocation of different tasks to different people or groups in an effort to increase efficiency and productivity.

Productivity

A measure of the efficiency with which goods and services are produced, often quantified as output per unit of input.

Economic Profits

The surplus after a firm subtracts its total costs from its total revenue, considering both explicit and implicit costs.