What is market segmentation?
Market segmentation divides a broad target market into subsets of consumers with common needs or characteristics.
Which of the following best describes consumer behavior?
Consumer behavior refers to how individuals or groups make decisions to purchase, use, or dispose of products or services.
Which variable is part of the demographic segmentation?
Demographic segmentation involves grouping consumers by measurable statistics such as age, gender, or income.
What is the purpose of a SWOT analysis in market analysis?
SWOT helps businesses identify internal strengths and weaknesses and external opportunities and threats.
Which of the following is a psychological factor influencing consumer behavior?
Motivation, perception, and attitudes are internal psychological factors affecting purchase decisions.
In the buyer decision process, what typically follows the information search?
After searching for information, consumers evaluate alternatives before making a decision.
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Which factor is considered a cultural influence on consumer behavior?
Culture affects preferences, behaviors, and purchasing decisions through shared values and norms.
What is meant by ‘market share’?
Market share represents a company’s portion of sales in relation to the total market.
Why do marketers study consumer decision-making processes?
Understanding decision-making helps marketers tailor strategies to each stage of the buying process.