II. Define if the statements are true or false.
1. A total market is divided into several smaller segments in the market segmentation approach.
2. The market-segmentation process is made up of five steps.
3. To separate consumer market the following elements such as demographic factors, psychographic characteristics, and geographic location are used.
4. Demographic segmentation is based on statistical differences in personal characteristics.
5. Traits, attitudes, interests, or lifestyles of potential customer groups are included ingeographicsegmentation.
6. Market division on people residency basis is the main principle in psychographicsegmentation.
7. Product-benefit preference is a wide-spread approach used by companies to sell similar products of different grades.
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