WC 1st Feb

The definition of TRADE is __________________.

• Importing goods
• to buy or sell goods or services
• Exporting goods

Why does the United States need to import products?

• The US does not import products
• Some are easier and cheaper to make in other countries
• The US makes all of its own products

Import means

• buying goods from another country
• selling goods to another country
• only making one kind of product

Export means

• buying goods from another country
• selling goods to another country
• only making one kind of product

The process of dividing a market of potential customers into groups based on different characteristics is called

• Market Segmentation

• Market Analysis

• Demographics

• Consumer identification

The term "Demographics" refers to

• Grouping potential customers based on their beliefs and preferences

• Grouping potential customers based on whether or not they have purchased a product in the past

• Grouping potential customers using statistical data such as age, race and gender

• Grouping potential customers based on where they live

Which of these is NOT a Demographic characteristic, or a statistical way of grouping people that is tracked in the US Census?

• Age

• Household Income

• Race

• Political preference

When a business divides its market on the basis of where its customers live is called

• geographic segmentation

• demographic segmentation

• psychographic segmentation

• behavioral segmentation

Segmenting a market based on customers' buying habits is an example of

• demographic segmentation

• psychographic segmentation

• behavioral segmentation

• geographic segmentation

A business' target market includes

• Everyone

• All the people who might use a product or service

• The specific people that the company is aiming to reach with its marketing and sales efforts

• One segment of the market