Use the Following Information to Answer the Question

question 10

Multiple Choice

Use the following information to answer the question. The economic impact of an industry, such as sport fishing, can be measured by the retail sales it generates. In 2006, the economic impact of great lakes fishing in states bordering the great lakes had a mean of $318 and a standard deviation of $83.5. Note that all dollar amounts are in millions of dollars. Assume
the distribution of retail sales is unimodal and symmetric. (Source: National Oceanic and Atmospheric Administration) .
-If a new report came out saying that the economic impact of great lakes sport fishing on the economy of Illinois was $93,588,546, would you say this was unusual? Note that this dollar amount Must be converted before calculating a standard score.

• A) Not enough information available
• B) Yes, it is unusually high.
• C) Yes, it is unusually low.
• D) No, it is in the range of typical values.

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Definitions:

Marketing Research Approach

A methodology for gathering, analyzing, and interpreting information to help make marketing decisions.

Planning Gap

The difference between an organization's current situation and its desired future state, identifying where strategic actions are needed.

Target Market

The specific group of consumers at which a company aims its products and services, characterized by specific demographics, interests, and needs.

Patronage

The support or regular business given to a store, company, or service provider by customers.