From a Population of Size 400, a Random Sample of 40

question 44

Multiple Choice

From a population of size 400, a random sample of 40 items is selected. The median of the sample

• A)must be 200, since 400 divided by 2 is 200
• B)must be 10, since 400 divided by 400 is 10
• C)must be equal to the median of population, if the sample is truly random
• D)None of these alternatives is correct.

Differentiate between qualitative and quantitative data in market research.

Understand the significance of identifying market opportunities through trend analysis.

Describe the process and importance of customer value chain in marketing.

Discuss the role of forecasting in marketing and the different approaches used.

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Definitions:

Product Differentiation

The process businesses use to make a product more attractive by distinguishing it from similar products through unique features, branding, and quality.

Monopolistically Competitive

A market structure where many companies sell products that are similar but not identical, allowing for competition based on factors other than price, such as quality and branding.

Profit-Maximizing

The process or strategy of adjusting production and sale operations to achieve the highest possible profit.

Short Run

A period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied.