An .05 Level of Significance Means That

question 6

Multiple Choice

An .05 level of significance means that

• A)there is only a 5 percent chance that a statistic's value could be obtained as a result of random error
• B)one is 50 percent certain that the sample value is representative of the population
• C)there is only a 5 percent chance that the values tested are really different from each other
• D)the difference found is not just significant,it is highly significant

Recognize the importance and application of benefit segmentation in targeting specific consumer needs.

Understand the significance of loyalty segmentation for customer retention and profitability.

Identify the first step in the Segmentation, Targeting, and Positioning (STP) process.

Understand the application of occasion segmentation in marketing strategies.

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Definitions:

Sunk Costs

Costs that have already been incurred as a result of past decisions. They are sometimes referred to as historical costs.

Variable Costs

Expenses that fluctuate in direct proportion to the level of output or production activity.

Stock Purchase

The action of buying shares in a company, which represents a portion of ownership in that corporation.

Government Regulations

Rules established by government aimed at influencing economic activity and protecting consumers, workers, and the environment.