*BUSINESS MANAGEMENT ANSWERS*

(7a)
Market segmentation is the process of dividing a total market into distinct groups of buyers with similar needs or behaviors. This allows businesses to tailor products, pricing, and marketing strategies to suit each segment, leading to more effective targeting and higher customer satisfaction.

(7b)
(i) Demographic (age, gender, income)
(ii) Geographic (region, city size)
(iii) Psychographic (lifestyle, personality)

(7c)
(i) Cost: The cost of producing or providing a product or service directly impacts pricing. This includes costs such as raw materials, labor, and overheads.

(ii) Market Demand: The level of demand for a product or service influences pricing. High demand can lead to higher prices, while low demand may require lower prices to stimulate sales.

(iii) Competition: The presence and pricing strategies of competitors in the market also affect pricing. Businesses may adjust their prices to stay competitive, differentiate themselves, or capture market share.

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