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What is market segmentation?

• A strategy to position the product in the market

• A strategy to set the price of the product based on consumer behavior

• A strategy to target a specific market segment for advertising

• A strategy to divide the market into small segments with distinct needs, characteristics, or behavior

What are the variables considered in demographic segmentation?

• Gender, age, income, occupation

• Climate, dominant ethnic group, culture

• Perception, knowledge, reactions, benefits

• Needs and wants, attitude, social class, personality traits

What is the purpose of market targeting?

• To determine a set of buyers with common needs and characteristics

• To evaluate the size and growth of market segments

• To divide the market based on geographical locations

• To position the product in the market

What is the role of the entrepreneur in market positioning?

• To determine the correct position of the proposed venture in the industry

• To evaluate the size and growth of market segments

• To target a specific market segment for advertising

• To divide the market based on geographical locations

What are the environmental factors that influence consumer buying behavior?

• Cultural factor, social factor, personal factor, psychological factor

• Geographic segmentation, demographic segmentation, psychological segmentation, behavioral segmentation

• Market segmentation, market targeting, market positioning, mass marketing

• Individual marketing, differentiated marketing, concentrated marketing, undifferentiated marketing

What is the first step in the consumer buying decision process?

• Intervention by the entrepreneur to influence the buying decision

• Evaluation of alternatives

• Search for relevant information about the product

• Recognition of the consumer's needs and wants

What is the purpose of the positioning or perceptual map?

• To target a specific market segment for advertising

• To divide the market based on geographical locations

• To evaluate the size and growth of market segments

• To show the position of similar products competing in the market as perceived by the customers

What is the role of the entrepreneur in market segmentation?

• To divide the market into small segments with distinct needs, characteristics, or behavior

• To evaluate the size and growth of market segments

• To determine a set of buyers with common needs and characteristics

• To position the product in the market

What is the purpose of the Executive Summary in a business plan?

• To highlight the overall points of the business plan

• To estimate the funding requirements

• To provide a detailed description of the business location

• To list the names of the business owners

What is the primary objective of a Feasibility Study in the context of a business plan?

• To gather baseline information for the business plan

• To prepare the roadmap of the new business

• To evaluate whether the proposed business is feasible in all areas

• To determine the location of the business