As a General Rule of Thumb, If the Items Selected

question 73

True/False

As a general rule of thumb, if the items selected for a sample are not replaced and the sample size is less than 5 percent of the population, the binomial distribution can be used to approximate the hypergeometric distribution.

Identify the challenges and criteria for effective market segmentation and targeting.

Understand how demographic variables (age, gender, income) are used in market segmentation.

Appreciate the significance of adapting marketing strategies to meet the needs of specific market segments.

Understand the concept of repositioning and its relevance in marketing.

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Definitions:

Null Hypothesis

A default hypothesis that there is no significant difference or effect, intended to be contested by an alternative hypothesis.

Expected Frequency

The predicted number of times an outcome is expected to occur in a statistical experiment, based on theoretical probability distribution.

Significance Level

The threshold used in statistical testing to determine if a result is statistically significant, commonly set at 0.05, indicating a 5% risk of concluding an effect exists when it does not.

Z-Test

A statistical test used to determine whether two population means are different when the variances are known and the sample size is large.