Why Do Firms Employ More Than One Persona to Gather

question 29

Multiple Choice

Why do firms employ more than one persona to gather information about target consumers?

• A) Within a group, consumers usually exhibit similar tastes and preferences.
• B) The distribution of income and wealth are more or less equal across different customer segments.
• C) Although customers have unique needs, essentially their basic needs and requirements are the same.
• D) Any target market may have a range of consumers who vary along a number of key dimensions.
• E) The firms want to provide consumers with a greater number of product choices.

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Definitions:

Null Hypothesis

A statement in hypothesis testing that suggests there is no significant difference or effect, serving as the default assumption to be tested against.

First-Order Autocorrelation

A statistical measure that tests the extent to which current values in a time series are correlated with their immediate preceding value, indicating a lag-1 autocorrelation.

Durbin-Watson Statistic

A quantitative method utilized for detecting autocorrelation in the residuals resulting from regression analysis.

Critical Values

Specific points on the scale of a test statistic beyond which we reject the null hypothesis in hypothesis testing.