In the Seven-Step Approach to Market Segmentation

question 195

Multiple Choice

In the seven-step approach to market segmentation

• A) the first step is to name the broad product-market.
• B) small motels around a large urban area are the focus of the example.
• C) the qualifying needs are identified before the determining needs.
• D) the size of each submarket is not considered until Step 7.
• E) All of the above are true.

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Definitions:

Coefficient of Variation

A standardized measure of dispersion of a probability distribution or frequency distribution, expressed as a ratio of the standard deviation to the mean.

Extreme Values

Data points that significantly differ from other observations. They can be unusually high or low and may be considered outliers.

Median

The middle value in a sorted, ascending or descending, list of numbers.

Percentile

A value on a scale of 100 that indicates the percent of a distribution that is equal to or below it.