What Is the Main Difference Between Naming Broad Product-Markets and Market

question 255

Multiple Choice

What is the main difference between naming broad product-markets and market segmentation?

• A)Naming is a computerized process,while segmentation requires more thought.
• B)Naming is concerned with customers,while segmentation is concerned with product features.
• C)Naming involves breaking down markets,while segmentation involves aggregating customers with similar needs.
• D)Naming involves looking for similarities,while segmentation involves looking for differences.
• E)Naming identifies popular terms associated with the product,while segmentation identifies a market.

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Definitions:

Competitive Market Prices

Prices determined by the supply and demand in a market where many buyers and sellers exist and no single entity controls the market price.

Market Prices

The actual selling price of goods and services in a marketplace, determined by supply and demand dynamics.

Voluntary Exchange

An economic transaction where all parties involved agree to the trade, believing they will benefit from the exchange.

Relative Scarcity

The economic concept referring to the limited availability of resources in comparison to the unlimited wants and needs of consumers.