19) Which of the following is the process of dividing markets into consumer types, based on similar needs and wants? A) Promotion 19) __ B) Market segmentation C)Target marketing D) Geographic segmentation E) Product position 20) A new restaurant recently opened in the local community. It serves a variety of ethnic foods,and plays background music in keeping with the customers and values of the local demographic when they support the customs,values, and demographics of the local community? 20) __ A) Global B) Freedom of choice C) Monopoly D) Perfect competition E) Sociocultural 21) Which of the following helps producers distribute goods from sellers to customers? A) Sales agents 21) __ B) Direct wholesalers C) Intermediaries D) Brokers E) Retailers 22) Which term refers to the way in which a business tries to balance its commitments to groups and 22) __ individuals in its social environment? A) Social responsibility B) Corporatization C) Business ethics D) Stakeholder consciousness E) Socialization 23) Which is usually the first step in the marketing strategy that allows marketers to focus efforts on a 23) __ particular group of people or organizations? A) Pricing B) Integration C) Product differentiation D) Target market selection E) Distribution 24) How can a company establish market leadership for a product? A) Introduce the product with a lower price than competitors. B) Be sure the product supports the overall goals and strategies of the organization. C) Introduce a product that supports the rest of the product line. D) Introduce the product before competitors. E) Do not introduce the product until success is certain. 24) __

## Step 1<br />The first question is about the process of dividing markets into consumer types based on similar needs and wants. This is a description of market segmentation, which is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them.<br /><br />## Step 2<br />The second question is about a new restaurant that serves a variety of ethnic foods and plays background music that aligns with the customs, values, and demographics of the local community. This is an example of sociocultural marketing, which is a marketing strategy that involves understanding and adapting to the social and cultural norms of a target market.<br /><br />## Step 3<br />The third question is about what helps producers distribute goods from sellers to customers. This is a description of intermediaries, which are entities that help in the distribution of goods from producers to consumers.<br /><br />## Step 4<br />The fourth question is about the term that refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment. This is a description of social responsibility, which is a business's commitment to operate in a manner that benefits society.<br /><br />## Step 5<br />The fifth question is about the first step in the marketing strategy that allows marketers to focus efforts on a particular group of people or organizations. This is a description of target market selection, which is the process of identifying and selecting a specific group of consumers to target with a product or service.<br /><br />## Step 6<br />The sixth question is about how a company can establish market leadership for a product. This is a description of introducing a product before competitors, which is a strategy to establish market leadership by being the first to introduce a new product.