You Want a Measure of Central Tendency for an Ordinal

question 1

Multiple Choice

You want a measure of central tendency for an ordinal level variable. You want the measure that makes use of the fact that the attributes are not only different but also have rank order. What statistic would you calculate?

• A) mean
• B) median
• C) range
• D) standard deviation

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Definitions:

Retailers

Businesses that sell goods or services directly to end consumers for personal or household use.

Discounts

A reduction applied to the normal selling price of goods or services, offered to stimulate sales or attract customers.

Marketing Pricing Strategy

The approach a business takes in setting the price for its products or services to achieve specific marketing objectives.

Predatory Pricing

A strategy where a company sets extremely low prices with the intent to eliminate competition or deter new entrants to the market.