The Owner of a Pet-Grooming Salon Wants to Determine the Customer

question 99

Multiple Choice

The owner of a pet-grooming salon wants to determine the customer equity of a particular customer.

• A)Compare investments made by the salon to retain this customer to the total amount of taxes the salon owner pays.
• B)Compare investments made by the salon in acquiring the customer to the total amount of all financial sales made by the customer.
• C)Determine the age of the pet to estimate how much longer this customer may need the services of the salon.
• D)Investigate how many other pet grooming salons are within five miles of this salon to determine the likelihood of this pet owner returning to this salon.
• E)Ask the customer if they are planning on getting any new pets.

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Definitions:

Margin of Error

An expression of the amount of random sampling error in a survey's results, which describes the range that the true value lies within with a certain level of confidence.

Confidence Coefficient

The probability level, associated with a confidence interval, that the true parameter lies within the interval.

Interval Estimation Procedure

A method of estimating the range of values where a population parameter lies, based on sample statistics.