Question 1

Differences are important and one of the most useful marketing management concepts is market segmentation.

Accepted Answer

Market segmentation is a vital concept in marketing management as it enables businesses to identify and target specific groups of consumers with unique needs and preferences. By understanding the differences among different market segments, businesses can develop tailored marketing strategies that are more likely to resonate with their intended audience, ultimately leading to increased sales and profitability.

Question 2

To be useful to the marketing researcher or manager,differences must,if statistically significant,be measurable and actionable.

Accepted Answer

The answer of To be useful to the marketing researcher...

Question 3

The reporting of findings has ________ for the marketing researcher,as he or she cannot choose to report only"good news"to the client.

Accepted Answer

Reporting findings accurately and without bias is an ethical responsibility of the marketing researcher. Failing to report negative or unfavorable information to the client can lead to unethical decision-making and harm to stakeholders. Therefore, the reporting of findings carries a significant ethical burden for the marketing researcher.

Question 4

When using a paired samples test for the difference between two means,________;otherwise,the test would be analyzing differences.

Accepted Answer

Paired samples test requires that the variables being compared are measured on the same scale. This is because the difference score between the two measurements for each individual is calculated and these scores are then used to determine whether there is a significant difference between the means. If the variables are not measured on the same scale, the difference scores may not be meaningful and the test would be invalid.

Question 5

Market differentiation is based on differences between groups of consumers.

Accepted Answer

The answer of Market differentiation is based on differences between...

Question 6

With the proliferation of data mining analysis due to scanner data with tens of thousands of records,online surveys that garner thousands of respondents,and other ways to capture very large samples,there is a very real danger of finding a great deal of statistical significance that is not meaningful.

Accepted Answer

The more data that is analyzed, the greater the likelihood of finding statistically significant results, even if they are not truly meaningful or significant in terms of practical significance or impact. This phenomenon is known as the "multiple comparison problem" or "false discovery rate" and can lead to incorrect conclusions or overinflated claims. Therefore, it is important to not only look at statistical significance but also consider the context, effect size, and other relevant factors when interpreting results.

Question 7

An actionable difference means that the marketer can focus various marketing strategies and tactics,such as product design or advertising,on the market segments to accentuate the differences between the segments.

Accepted Answer

An actionable difference helps the marketer to identify the characteristics of different market segments so they can customize their marketing strategies and tactics to accentuate the differences between those segments. This way, they can better target and communicate with each segment and cater to their specific needs and preferences.

Question 8

Statistically significant differences are the beginning point for market segmentation and savvy target marketing.Meaningfulness,stability,and actionability are not statistical issues;rather,they are ________.

Accepted Answer

Meaningfulness, stability, and actionability are related to marketing strategy and decision-making, which involve the marketing manager's judgment calls. They are not determined by outside market factors, sales management judgment calls, or internal corporate factors.

Question 9

Marketing researchers usually construct a ________ that summarizes the significant differences in an efficient manner when reporting group differences.

Accepted Answer

The answer of Marketing researchers usually construct a ________ that...

Question 10

A finding of statistical significance in no way guarantees"meaningful"difference.

Accepted Answer

A finding of statistical significance only means that the observed difference is unlikely to have occurred by chance, but it does not necessarily mean that the difference is meaningful or important in practical terms. The practical or clinical significance of a result should be evaluated in light of its magnitude, relevance, and potential impact on the subject of interest.

Question 11

A measurable difference is one that the marketing manager can potentially use as a basis for marketing decisions.

Accepted Answer

The answer of A measurable difference is one that the...

Question 12

When a researcher wants to determine if two means of two different questions using the same scale format and answered by the same respondents in the sample are significantly different,they would use what type of test?

Accepted Answer

A paired samples test for the difference between two means is appropriate in this scenario as it compares the means of two related samples (i.e. the same respondents) on the same scale format. Non-paired samples test for the difference between two means would not be appropriate as the two groups being compared are not independent. Paired samples test for the difference between two medians is not appropriate as it is used when comparing two medians of related samples, and may not be as powerful as a test for means.

Question 13

There is a clear-cut need to investigate differences among consumer groups for consumer marketers,but not as clear for business establishments for B2B(business-to-business)marketers.

Accepted Answer

There is also a need to investigate differences among business groups for B2B marketers as understanding the specific needs and preferences of different types of businesses can help in developing targeted marketing strategies and effective communication channels. Business establishments can vary widely in terms of their industry, size, location, budget, organizational structure, and decision-making processes, among other factors, so it's important for B2B marketers to segment and target their audience accordingly.

Question 14

Apparent differences between and among market segments are not usually subjected to tests that assess their statistical significance.

Accepted Answer

Apparent differences between and among market segments should be tested for statistical significance to ensure that they are not occurring by chance. This is important in accurately identifying the unique needs and behaviors of each segment.

Question 15

To be potentially useful to the marketing researcher or manager,differences must,at minimum,be statistically significant.

Accepted Answer

Statistically significant differences indicate that the observed difference is unlikely to have occurred by chance, which is crucial for making informed decisions based on data in marketing research and management.

Question 16

One commonly used basis for market segmentation is the discovery of(1)statistically significant, (2)meaningful, (3)stable,and(4)actionable differences.

Accepted Answer

The four characteristics mentioned - statistical significance, meaningfulness, stability, and actionability - are commonly used criteria for identifying segments in market segmentation. Therefore, the statement is true.

Question 17

Market segmentation holds that different types of consumers have different requirements,and these differences can be the bases of marketing strategies.

Accepted Answer

Market segmentation is based on the concept that consumers have varying needs and preferences which can be used to design marketing strategies that target specific groups of customers. It helps companies to understand their customers better and create customized products or services that cater to their specific needs.

Question 18

Meaningfulness,stability,and actionability are statistical issues;they are not within the purview of a marketing manager.

Accepted Answer

Meaningfulness, stability, and actionability are important considerations for a marketing manager when interpreting statistical data. Marketing decisions should be based on data that is both meaningful and stable, and that can be acted upon effectively. Therefore, it is false to suggest that these issues are not within the purview of a marketing manager.

Question 19

Even if differences are statistically significant and meaningful,they do not necessarily need to be stable.

Accepted Answer

The answer of Even if differences are statistically significant and...

Question 20

Market segmentation is very prevalent,and whenever significant differences are found,they may:

Accepted Answer

The answer of Market segmentation is very prevalent,and whenever significant...

Quiz 12: Using Basic Descriptive Analysis, Performing Population Estimates, and Testing Hypotheses