ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Define demographic characteristics, psychographic, geographic, etc.
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Assess consumer needs over time to aid new product development
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Document describing a business; used to test feasibility, raise capital, & serve as a road map for future operations
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Identify markets that share certain identifiable need that is to be satisfied
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Market segmentation
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Explanation:
Detailed explanation-1: -Demographic segmentation – grouping customers by identifiable non-character traits like age, gender, or income. Psychographic segmentation – grouping customers based on their personalities and interests, including beliefs, hobbies, and life goals.
Detailed explanation-2: -Demographic segmentation is a precise form of audience identification based on data points like age, gender, marital status, family size, income, education, race, occupation, nationality, and/or religion. It’s among the four main types of marketing segmentation, and perhaps the most commonly used method.
Detailed explanation-3: -The five main demographic segments are age, gender, occupation, cultural background, and family status.
There is 1 question to complete.