Dividing Customers into Groups Based on Their Needs Is Called

question 4

True/False

Dividing customers into groups based on their needs is called market segmentation, which is a process that clusters people with similar needs into individual and identifiable groups.

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Definitions:

Sample Statistic

A numerical measure that describes an aspect of a sample drawn from a population.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean.

Standard Deviation

An indicator of the spread or fluctuations in a data set, showing the degree to which the data points deviate from the average value.

Parameter

A numerical characteristic of a statistical population, such as a mean or standard deviation, that describes some aspect of the population.