After Selecting a Market for Study,and Choosing a Basis for Segmenting

question 51

Multiple Choice

After selecting a market for study,and choosing a basis for segmenting that market,what is the next step?

• A) Design a marketing mix.
• B) Implement and maintain a marketing mix.
• C) Select target markets.
• D) Select segmentation descriptors.

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Definitions:

Consumer

An individual who purchases goods or services for personal use.

Market Equilibrium

Market equilibrium occurs when the quantity demanded of a good matches the quantity supplied, leading to a stable market price where there is no tendency for it to change.

Price Drop

A decrease in the cost of goods or services in the market, often due to supply and demand factors, competition, or other economic elements.

Producer Surplus

The variance between the minimum amount producers are prepared to take for a product or service and the actual price they obtain in the marketplace.