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Questions and Answers
What is the definition of market segmentation?
What is the definition of market segmentation?
- Identifying potential customers with resources, willingness, and ability to purchase
- Dividing a market into segments based on perceived benefits and costs
- Applying universal marketing principles to the pharmaceutical industry
- Identifying a portion of a larger market based on shared characteristics (correct)
What is the relationship between want and demand?
What is the relationship between want and demand?
- A want combined with the ability to pay creates demand (correct)
- Demand leads to wants
- A want is the same as demand
- Wants are not related to demand
How is value defined in the context of products or services?
How is value defined in the context of products or services?
- Value is solely based on the price of the product or service
- Value is determined by the quantity of benefits
- Value is the subjective relationship between perceived benefits and perceived costs (correct)
- Value is the same as cost
What does pharmaceutical marketing involve?
What does pharmaceutical marketing involve?
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What is the definition of target market?
What is the definition of target market?
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