1. Multiple Choice: Which of the following best describes the concept of 'market segmentation'? a) Dividing a market into distinct groups of buyers b) The process of evaluating each market segment's attractiveness c) Developing a product to meet the needs of all potential customers d) Setting prices for different products in the portfolio Correct Answer: a) Dividing a market into distinct groups of buyers Rationale: Market segmentation involves dividing a market into smaller segments with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. 2. Short Answer: Explain the importance of 'SWOT analysis' in strategic planning. Correct Answer: SWOT analysis is crucial in strategic planning as it helps organizations identify their Strengths, Weaknesses, Opportunities, and Threats, enabling them to develop strategies that capitalize on strengths and opportunities while mitigating weaknesses and threats. 3. Multiple Choice: In operational management, the term 'lean production' refers to: