The Process of Dividing a Total Market into Market Groups

question 104

Multiple Choice

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

• A) segmentation.
• B) diversification.
• C) target marketing.
• D) concentration.
• E) customization.

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Definitions:

Quantity of Labor

The total hours worked or the number of employees engaged in production within a certain period.

Unit Elastic

A situation where a change in price leads to an equal proportional change in the quantity demanded or supplied.

Price Elasticity

An assessment that depicts how variations in the price of a good affect the quantity of it that consumers want.

Oranges

Citrus fruits cherished for their juiciness, vibrant color, and sweet-tart flavor, often used in culinary dishes and beverages.