Which of the Following Is the First Step of the Market

question 81

Multiple Choice

Which of the following is the first step of the market segmentation process?

• A) To conduct advertising research to determine consumers' reactions to various ad campaigns
• B) To identify groups of people with certain shared needs
• C) To aggregate groups of people or organizations into larger market segments
• D) To develop place, time, and possession utility
• E) To determine which personal influences will have an appropriate effect on consumers

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Definitions:

Demand Shifts

Changes in consumer desire or preference that cause the demand curve to move either to the right (increase) or left (decrease).

Real Exchange Rate

A measure that compares the relative price of a basket of goods in two different currencies, adjusted for inflation.

Surplus

The amount by which the quantity of a product or service available exceeds the quantity demanded at the current price.

Shortage

A situation in which quantity demanded is greater than quantity supplied.