Final answer:
The statement is TRUE; situational factors such as urgency, specific application, and size of order are segmentation variables in the business marketplace that help in effectively targeting diverse customer needs.
Step-by-step explanation:
The statement that situational factor segmentation variables in the business marketplace include urgency, specific application, and size of the order is TRUE. In business, market segmentation is crucial for effectively targeting and serving different groups of customers. Situational factors are indeed considered when segmenting the business market. For instance, urgency can affect whether a customer is willing to pay a premium for faster delivery. Specific application pertains to the unique use case that the customer needs the product for, which can influence the product's features and customization. Lastly, the size of the order can determine volume discounts or the level of attention a vendor might provide to the customer. Segmenting the market based on these variables allows businesses to address the diverse needs of our client base more effectively.