What Is the Purpose of Conducting Market Segmentation and Market

question 235

Multiple Choice

What is the purpose of conducting market segmentation and market opportunity analysis in the second stage of the market segmentation process?

• A) to identify the specific members of each segment and contact each of them directly
• B) to determine the level of resources that must be committed to each segment
• C) to produce a forecast of market potential within each segment
• D) to design a marketing strategy and tactics to reinforce the firm's image

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Definitions:

Butter Consumption

Refers to the amount of butter used or eaten by individuals or within a specified community or demographic.

Perfectly Inelastic

A market condition where the quantity demanded or supplied does not change despite changes in price.

Demand Curve

The demand curve is a graphical representation that displays the relationship between the price of a good or service and the quantity demanded by consumers at varying price levels.

Unitary Elasticity

A situation in which the quantity demanded or supplied of a good changes by the same percentage as the change in price.