What Are the Three Performance Measures Brand Managers Typically Use

question 47

Essay

What are the three performance measures brand managers typically use to assess the inputs or costs of social media? In your response, provide an example of what the payment terms would be for an advertiser. Also, identify the advantages and disadvantages of each metric.

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Definitions:

Binomial Random Variable

A type of random variable that follows the binomial distribution, representing the number of successes in a fixed number of independent trials, each with the same probability of success.

Discrete Random Variable

A variable that can take on a countable number of distinct values, often representing the outcomes of some random process.

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent values under a given set of parameters or conditions.

Binomial Probability Distribution

A probability distribution that summarises the likelihood that a value will take one of two independent values under a given set of parameters or assumptions.