ENTREPRENEURIAL PLANNING
MARKETING PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Understanding an ethnic group’s religion is part of market segmentation. A business must have a complete customer profile in order to engage in target marketing. Members of Generation X take more risks with their money than baby boomers do.
Detailed explanation-2: -The objective of market segmentation is to minimize risk by determining which products have the best chances of gaining a share of a target market and determining the best way to deliver the products to the market.
Detailed explanation-3: -A marketing segmentation strategy helps determine which customers you can build relationships with, how to group them, and what marketing actions to take to best reach your target market. Creating a customized experience catered to customers lead to higher customer retention rates and more focused marketing campaigns.