What Does a Market Segment Consist Of

question 57

Essay

What does a market segment consist of?

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Definitions:

Representative

Something, such as a person or sample, that accurately reflects the larger group or whole it is intended to stand in for.

Sample Statistics

Numerical data that describe characteristics of a sample, a subset of the population being studied.

Population Parameters

Statistical measures that describe characteristics of a population, such as the mean (average), median, mode, and standard deviation.

Precision

The consistency and repeatability of a measurement, or how close multiple measurements are to each other.