In Which of the Following Stages of the Market Segmentation

question 56

Multiple Choice

In which of the following stages of the market segmentation process would a firm need to decide whether to use a post hoc or a priori approach to segmenting a market?

• A)Determining customer needs and wants
• B)Delineating the firm's current situation
• C)Dividing markets on relevant dimensions
• D)Deciding a segmentation strategy

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Definitions:

Automobile Dealership

A business that sells new or used cars at the retail level, based on a dealership contract with an automaker.

Likely Used

Refers to items or methods that are commonly adopted or employed due to their effectiveness or efficiency.

Gross Profit

The amount by which sales revenue exceeds the cost of goods sold, prior to subtracting expenses such as overheads, payroll taxes, and interest.

Operating Expenses

Costs related to the day-to-day operations of a business, excluding the cost of goods sold.