The Second Step in the Market Segmentation Process Involves Determining

question 70

Multiple Choice

The second step in the market segmentation process involves determining the_____. 

• A) relevant dimensions for market segmentation
• B) product positioning strategy to be used
• C) consumer needs and wants
• D) marketing mix strategy

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Definitions:

Manufacturing Industries

Sectors of the economy that use machinery, tools, and labor to produce goods for use or sale.

Pure Competition

A market structure characterized by a large number of small firms all producing homogeneous products and facing no barriers to entry or exit.

Utility-maximizing Consumer

A theoretical concept in economics where a consumer seeks to get the maximum satisfaction or utility from their available resources or budget.

Income

Income, particularly when earned regularly through employment or investment returns.