Which of the Following Is a Definition of Market Segmentation

question 50

Multiple Choice

Which of the following is a definition of market segmentation?

• A)It refers to identifying distinct groups of customers whose needs,wants,and purchasing behavior differ from others.
• B)It refers to developing existing market segments and increasing market share within those segments.
• C)It refers to identifying the need for new products in existing markets and developing products for those markets.
• D)It refers to identifying new markets that can buy existing products.
• E)It refers to identifying the needs of a new market and developing new products for that market.

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Definitions:

Marginal Utility

The extra utility a consumer obtains from the consumption of 1 additional unit of a good or service; equal to the change in total utility divided by the change in the quantity consumed.

Inelastic Nature

Characterizes a product or service whose demand or supply does not significantly change in response to price adjustments.

Agricultural Demand

The desire and ability to purchase agricultural products at various prices.

U.S. Farm Exports

Agricultural products produced in the United States that are sold to other countries, contributing to the U.S. economy and global food supply.