BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The least common marketing research technique used to segment customer data is cluster analysis. Economists note that imperfect competition occurs because consumers have unique needs and desires.

Detailed explanation-2: -In the context of customer segmentation, customer clustering analysis is the use of a mathematical model to discover groups of similar customers based on finding the smallest variations among customers within each group. These homogeneous groups are known as “customer archetypes” or “personas”.

Detailed explanation-3: -Answer and Explanation: The correct answer is C. Competitive position. A competitive position is not an evaluation criteria when considering market segmentation, although improving a company’s competitive position is an expected outcome and reason for considering segmenting customers into groups.

Detailed explanation-4: -Market segmentation is the process of dividing a broad population into subgroups according to certain shared factors. These groups may have common demographics (age, gender, etc.), geographic location, attitudes, behaviors, or a combination of similar characteristics. A consumer may belong to multiple market segments.

Detailed explanation-5: -Which of the following is true of market segmentation? It helps firms design specific marketing strategies suited for specific market segments.