Market segmentation

at
Categories
Tags

 

 

Discuss the following for this assignment:

Describe what market segmentation is and what a viable market segment should demonstrate.
Visit this Web site, and enter your current zip-code in the search block.
Using the city data provided, identify a target market, recommend a service line for that target market, and discuss how you would market that service line.

Sample Solution

Market segmentation

Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action. A viable market segment should be: measurable – reliable market research should be able to identify the size of a market segment to a reasonable degree of accuracy, so that strategists can then decide whether, how, and to what extent they should focus their efforts on marketing to this segment; substantial – a viable market segment is usually a homogeneous group with clearly defined characteristics such as age group, socioeconomic background and brand perception; accessible – when demarcating a market segment, it is important to consider how the group might be accessed and, crucially, whether this falls within the strengths and abilities of the company`s marketing department; differentiable – an ideal market segment should be internally homogeneous, but externally heterogeneous; and actionable – the market segment must have practical value.

Nonparametric tests are used to test the hypotheses with nominal and ordinal data. These tests have less strict assumptions. They do not identify normally distributed populations or the sameness of variance. Some tests demand the independence of cases. Other tests are clearly made for situations with related cases. Nonparametric tests are the only ones which can be used with nominal data. In addition, they are the only ones that can technically be used correctly with ordinal data, despite the fact that parametric tests are usually utilized in this case.
Nonparametric tests can also be in use for interval and ratio data, despite the fact that they trail some of the existing information. They are easy for understanding and using. It is true that parametric tests are extra effective when it is proper to use them, but even in such cases, nonparametric tests achieve 95 percent of efficiency. Because of this, if the parametric test has a sample of 95, it will have the same statistical testing power as a nonparametric test with a sample of 100.

To sum up, parametric and nonparametric exams are applicable in one-of-a-kind stipulations and circumstances. Parametric tests use interval and ratio data and they are ideally used when their assumptions can be met while nonparametric tests do not need strict assumptions about population distributions and they are in use with weaker nominal and ordinal measures.
The most frequently used tests and the importance of the nonparametric tests in their usage

One-Sample tests

We use one-sample tests when we have a single sample and we wish to test the hypothesis that it derives from a defined population. A number of nonparametric tests can be put-upon in a one-sample situation, but we must not forget the measurement scale and some other stipulations. When the measurement scale is nominal, or in other words classificatory only, we can use each binomial test and the chi-square (ꭓ2) one-sample test. The binomial test can be used if the population is viewed as only two classes (for example, female and male). The researchers opt for to use binomial tests when the size of the sample is small and the ꭓ2 test is not in a use.

Chi-Square Test

This question has been answered.

Get Answer
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, Welcome to Compliant Papers.
Hi, how can I help?