Preferences of households can vary with time, prosperity, and context. The nuances in the preferences or needs of market subgroups are commonly referred to as:
A) market segmentation
B) market parameters
C) market projection
D) market cycles

Question

Quizplus · Accepted Answer

Market segmentation refers to the practice of dividing a market into subgroups based on certain characteristics or preferences. This allows marketers to tailor their strategies to better meet the needs and preferences of each subgroup. As households' preferences and needs can vary with time, prosperity, and context, understanding market segmentation is crucial for designing effective marketing campaigns. Market parameters, market projection, and market cycles are all related concepts, but they do not specifically refer to the nuances in the preferences or needs of market subgroups.

Preferences of Households Can Vary with Time, Prosperity, and Context