The First Step in the Target Market Selection Process Is

question 131

Multiple Choice

The first step in the target market selection process is

• A) determining which segmentation variables to use.
• B) selecting specific target markets.
• C) identifying an appropriate targeting strategy.
• D) evaluating relevant market segments.
• E) developing market segment profiles.

---

Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.

MP3 Players

Portable digital devices designed to play music files in the MP3 format, allowing users to listen to music on the go.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity demanded equals the quantity supplied.

Inverse Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded, illustrating how the demand for a product changes as its price increases or decreases.