Market Segmentation Can Help Marketers Increase Their Accuracy in Reaching

question 70

Multiple Choice

Market segmentation can help marketers increase their accuracy in reaching the right markets,but it is best used flexibly with other marketing tools.Choose the statement below that best summarizes the market segmentation process.​

• A)​Market segmentation can be applied in both for-profit and nonprofit organizations to determine a consumer target market.
• B)​Market segmentation is accomplished in four steps: it employs user profiles; forecasts the overall market; estimates the market share; and selects specific target markets.
• C)​Market segmentation can be accomplished with many approaches: geographic, demographic; psychographic, and product-related.
• D)​Market segmentation methods can be management-driven, based on management's observations, or market-driven, based on customer response.
• E)​Market segmentation can be used to calculate a lifetime value for each customer in a segment.

Understand the concepts of attribution, including how success and personal qualities are attributed differently based on gender or group membership.

Understand key social influence techniques and their applications.

Identify and describe major studies in the field of social psychology.

Recognize the role of conformity and consensus in individual judgment.

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Definitions:

Halo Effects

A cognitive bias where the perception of one positive trait leads to the assumption of other positive traits in an individual or thing.

Frames

Psychological perspectives or reference points that people use to understand and interpret situations, especially in the context of negotiations or decision-making.

Biases

Prejudices or predispositions toward or against something or someone, often resulting in unfair judgment or behavior.

Perceptual Bias

The tendency to interpret and judge situations or individuals based on preconceived notions or stereotypes.