When Considering the Competition in Price Setting,the Small Business Owner

question 62

Multiple Choice

When considering the competition in price setting,the small business owner should:

• A)consider the competitors' location.
• B)consider the competitors' motives for their prices.
• C)consider the nature of the goods being sold.
• D)consider all of these.

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Definitions:

Psychographic Segmentation

This marketing technique categorizes consumers based on psychological characteristics, including habits, hobbies, spending habits, and values.

Activity Segmentation

The process of dividing a market into groups based on their activities, interests, or opinions to better target marketing efforts.

Accessible

Something that is easily approachable, entry, or use by people with disabilities or by the general populace.

Demographic Segmentation

The division of a market into segments based on demographic factors like age, gender, income, education, and family size to target specific customer groups.