Marketing Has Been Described Being Both an "Art" and a "Science

question 144

Essay

Marketing has been described being both an "art" and a "science. Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.

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Definitions:

Hypotheses Testing

Involves making inferences about a population based on sample data, typically by rejecting or failing to reject a null hypothesis.

Normal Approximation

A method that uses the normal distribution to approximate the distribution of other statistical measures when the conditions justify its use, particularly when the sample size is large.

Population Proportions

represent the fraction or percentage of individuals in a population exhibiting a certain trait or characteristic.

Binomial Distribution

A probability distribution that describes the number of successes in a fixed number of independent experiments, each with the same probability of success.