In the Seven-Step Approach to Market Segmentation

question 198

Multiple Choice

In the seven-step approach to market segmentation

• A) apartment buildings in cities with large student populations are the focus of the example.
• B) homogeneous submarkets are immediately identified in Step 1.
• C) the submarkets are nicknamed based on their qualifying needs.
• D) profit is considered in all seven steps.
• E) None of the above is true.

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Definitions:

Total Revenue

The sum of money a company earns from selling products or providing services in a specific time frame.

Elastic

Describes a situation where the quantity demanded or supplied of a good or service is highly responsive to changes in its price.

Inelastic

Characterizes a situation where the demand for a product is not significantly affected by changes in price.