Market Segmentation First Stresses the Importance of Grouping People or Organizations

question 137

Multiple Choice

Market segmentation first stresses the importance of grouping people or organizations, according to the similarity of their needs and the benefits they are looking for in making a purchase, as represented by which stage of the market segmentation process?

• A)Link needs to actions.
• B)Identify market needs.
• C)Establish a marketing protocol.
• D)Execute marketing program actions.
• E)Segment and select the target markets.

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Definitions:

Economies of Scale

The cost advantage achieved when production becomes efficient, leading to a decrease in the per-unit cost as the volume of production increases.

Autarky

A situation where a country or economy operates in total self-sufficiency, without engaging in international trade.

Production Possibilities

The different quantities of various goods and services that an economy can produce with given resources and technology.

Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable.