The First Step in Segmenting and Targeting Markets That Links

question 212

Multiple Choice

The first step in segmenting and targeting markets that links customer needs to marketing actions is to

• A)group potential buyers into segments.
• B)group products to be sold into categories.
• C)develop a market-product grid and estimate size of the overall market.
• D)select target markets.
• E)take marketing actions to reach target markets.

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Definitions:

Mixed-Market Economy

An economic system that combines elements of both capitalism and socialism, featuring a combination of free market principles and government intervention.

Laissez-Faire Economy

An economic system where transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.

Laissez-Faire Capitalism

An economic system where private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.

Market System

This system of economy relies on supply and demand to guide decisions about investments, production levels, and the distribution mechanism, with the cost of goods and services being determined in an unregulated pricing system.