A Retailer Has Estimated That Her Store Has a Market

question 18

Multiple Choice

A retailer has estimated that her store has a market potential of about $3 million for the coming year. From this information, we know that:

• A) the owner has not yet planned her marketing strategy for the coming year.
• B) the store will sell about $3 million of goods and services during the coming year.
• C) the store's sales forecast is probably LESS than $3 million.
• D) if the store maintains its present 20 percent market share, its competitors' sales should total about $15 million.
• E) Both B and C are true.

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Definitions:

Margin of Error

A measure of the accuracy of a poll or survey, reflecting the extent to which the results could differ from the true population value.

Point Estimate

A single value or statistic that serves as the best guess or estimate of a population parameter.

Population Mean

Population mean is the average value of all elements in a complete set or population.

Point Estimator

A single value or statistic calculated from sample data that is used to estimate a population parameter.