Define Market Segmentation and Explain Three of the Methods Marketers

question 65

Essay

Define market segmentation and explain three of the methods marketers use to segment the market.

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Definitions:

Unfriended

The act of removing someone from one's social networking friends list.

Probability

The quantification of the chance of an event happening, represented as a number from 0 to 1, with 0 meaning the event is impossible and 1 meaning the event is certain.

P-Value

The probability of observing data at least as extreme as the ones observed, under the assumption that the null hypothesis is true.

Explanatory Variable

A variable in a statistical model that is believed to cause or influence changes in a response variable.