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What Is a Target Market? Briefly Explain How a Well-Defined

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What is a target market? Briefly explain how a well-defined target market is important to a company.


Definitions:

Chi-squared Goodness-of-fit

A specific type of goodness-of-fit test that uses the chi-squared statistic to test the hypothesis that an observed frequency distribution fits a claimed distribution.

One-tail Test

A statistical test where the region of rejection is on only one side of the sampling distribution, used when testing a directional hypothesis.

Population Proportion

The ratio of members in a population that have a particular attribute, often estimated from sample data.

Chi-squared Test

A statistical test used to determine if there is a significant difference between observed frequencies and expected frequencies in categorical datasets.

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