The Process of Dividing a Market into Groups of Similar

question 92

Multiple Choice

The process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve is called _____.

• A)test marketing
• B)mass marketing
• C)market segmentation
• D)marketing communication

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity of that good that consumers are willing to purchase.

Product Supply Curve

A graphical representation showing the relationship between the price of a product and the quantity of the product that a supplier is willing and able to supply.

Production Technology

The methods, equipment, and processes used to produce goods or services, influencing efficiency and output quality.