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Questions and Answers
Which of the following best defines market segmentation?
Which of the following best defines market segmentation?
- The process of dividing a market into smaller groups with different products
- The process of dividing a market into larger groups with different products
- The process of dividing a market into smaller groups with similar needs (correct)
- The process of dividing a market into larger groups with similar needs
Why do businesses make different versions of their products?
Why do businesses make different versions of their products?
- To increase production costs
- To better suit the needs of different customer groups (correct)
- To confuse customers
- To meet the needs of all customers with a single product
How does market segmentation help businesses?
How does market segmentation help businesses?
- By adapting their products to better suit the needs of specific customer groups (correct)
- By making their products more expensive
- By reducing the number of customers
- By increasing their production costs
How does the car industry segment the market?
How does the car industry segment the market?
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How many different segments does the Society of Motor Manufacturers and Traders (SMMT) identify in the car industry?
How many different segments does the Society of Motor Manufacturers and Traders (SMMT) identify in the car industry?
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