Effective Target Marketing Requires That Marketers Use Market Segmentation, Market

question 111

True/False

Effective target marketing requires that marketers use market segmentation, market targeting, and market positioning to achieve success in the marketplace.

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Definitions:

Representativeness Bias

A cognitive bias in decision-making where the likelihood of an event is estimated based on how similar it is to the population of interest or its parent population.

Availability Bias

A cognitive bias that causes people to overestimate the probability of events associated with memorable or vivid occurrences.

Adjustment Bias

A cognitive bias influencing how individuals respond or adapt to new or changing information, often hindering accurate decision-making.

Lack-of-participation Error

Lack-of-participation error occurs when decision-making or evaluation processes are hindered due to the absence or minimal involvement of key individuals.