GENERAL KNOWLEDGE

Detailed explanation-1: -52 Maslow’s hierarchy ranges from satisfaction of basic biological needs to more abstract needs regarding well-being. TRUEMaslow’s hierarchy ranges from satisfaction of basic biological needs to more abstract needs regarding well-being. 54 Collectively, a marketplace of consumers is homogeneous.

Detailed explanation-2: -Physiological needs are the lowest level of Maslow’s hierarchy of needs. They are the most essential things a person needs to survive. They include the need for shelter, water, food, warmth, rest, and health. A person’s motivation at this level derives from their instinct to survive.

Detailed explanation-3: -Physiological needs are the most basic of Maslow’s hierarchy. These are the essentials people need for physical survival. Examples include air, food, drink, shelter, clothing, warmth, sleep, and health.

Detailed explanation-4: -The lower needs; failure to satisfy them produces a deficiency in the body. The higher needs; although growth needs are less necessary than deficit needs for survival, they involve the realization and fulfillment of human potential. The fullest development of the self.

Detailed explanation-5: -The goal of homogeneity in customers’ likes or dislikes is more achievable as the segment size gets smaller, but if the segment is too small, it might not be profitable to serve. On a continuum from mass marketing to one-to-one marketing, market segmentation is in the middle.