ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It allows a business to charge higher prices.
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It lets a business invest more in equipment and machinery.
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It saves business money by avoiding the need for TV advertising.
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It allows a business to target its promotional strategy more effectively.
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Detailed explanation-1: -Market segmentation helps brands send the right message by efficiently targeting specific groups of consumers. By dividing a target market into approachable groups, market segmentation creates subsets based on demographics, needs, priorities, interests, and other psychographic and behavioral criteria.
Detailed explanation-2: -When marketers use market segmentation it makes planning campaigns easier, as it helps to focus the company on certain customer groups instead of targeting the mass market. Segmentation helps marketers to be more efficient in terms of time, money and other resources.
Detailed explanation-3: -Which of the following is an advantage of using market segmentation? It allows a business to target its promotional strategy more effectively.