GENERAL KNOWLEDGE

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: -Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.

Detailed explanation-5: -If an organization is offering the best to its target customers that fulfill their exact needs, it can create loyal customers which eventually helps in promoting their products. But market segmentation does not include recognizing the customers who promote the organization’s product or brand.