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Provide Some Examples of How Statistics Can Help Companies Improve

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Provide some examples of how statistics can help companies improve their marketing campaigns.


Definitions:

Significance Level

A statistical term that quantifies the probability of rejecting the null hypothesis when it is actually true, typically expressed as a percentage or decimal.

Expected Frequency

The predicted count of occurrences for a particular category or event in a statistical distribution, based on a theoretical probability.

Sample Size

The number of observations or data points that are selected from a larger population for purposes of statistical analysis; essential to the reliability of study results.

Goodness-of-Fit Test

A statistical test used to determine how well observed data fit a specific distribution.

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