Austin Is 19 Years Old and Is Thinking of Starting

question 114

Essay

Austin is 19 years old and is thinking of starting a business to target his generation, the Millennials. What are some of the demographic factors that he needs to analyze to help him determine how to market his business?

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Definitions:

Normal Curve

The normal curve, also known as the bell curve, is a graphical representation of a normal distribution, where most occurrences take place near the mean, with fewer instances happening as one moves away from the mean.

Correlation

A numerical index reflecting how much two or more variables move in conjunction with one another.

Variables

Variables refer to characteristics or quantities that can vary or change among individuals or over time.

Central Tendency

A statistical measure that identifies a single value as representative of the middle or typical value of a dataset, commonly found using mean, median, or mode.