Figure 9-8 -A Perceptual Map Can Be Used to Identify a Firm's

question 4

Multiple Choice

Figure 9-8

-A perceptual map can be used to identify a firm's product in terms of how closely it fits the "ideal" and where it fits in relationship to competitors. The map is based on perceptions of:

• A)competitors.
• B)intermediaries.
• C)consumers.
• D)competitors, consumers, and the firm itself.

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Definitions:

SSE

Sum of Squared Errors; a measure used in statistics to quantify the variation or deviation of predicted values from the actual observed values.

SST

SST stands for Sum of Squares Total, a term used in statistics to measure the total variability within a dataset.

MSE

Mean Squared Error, a measure of the average of the squares of the errors—that is, the average squared difference between the estimated values and the actual value.

Least Squares Estimate

A statistical technique that determines the line of best fit for a model by minimizing the sum of the squares of the vertical differences (residuals) between the observed values and the values predicted by the model.