In the Seven-Step Approach to Market Segmentation

question 144

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 these are true.

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Definitions:

Stepwise Regression

A method of regression analysis in which variables are added or removed from a multivariable model in a step-by-step fashion based on statistical criteria.

F-statistic

A ratio used in statistical analysis to compare the variance across different groups to evaluate the significance of relationships between variables in a linear model.

P-value

A statistical measure that helps scientists and researchers determine the significance of their research results.

Odds Ratio

A measure of association between an exposure and an outcome, representing the odds that an event will occur given the exposure vs. the odds of the event occurring without the exposure.