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:

Initial Endowment

Refers to the initial amount of money, assets, or resources that an individual, firm, or country possesses before entering into any trading or production activities.

Pareto Optimal

An arrangement of resource distribution that prevents the improvement of one individual's condition without adversely affecting another individual.

Utility Function

A utility function is an economic concept that models an individual's preference ordering over a set of goods or outcomes, representing satisfaction or happiness.

Edgeworth Box

A diagram used in microeconomics to show the distribution of resources or outcomes in a two-person (or two-good) economy, illustrating potential areas of mutual benefit through trade.