A Complete Marketing Information System Should

question 241

Multiple Choice

A complete marketing information system should:

• A) provide a good overall view on many types of problems.
• B) organize incoming information into a data warehouse.
• C) provide answers to specific questions.
• D) continually gather data from internal and external sources, and from market research studies.
• E) All of these alternatives are true.

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Definitions:

Error of Estimation

The error of estimation is the difference between a population parameter and the estimated value of that parameter, reflecting the accuracy of the estimate.

Population Standard Deviation

A measure of the dispersion or spread of the entire underlying population's values around the mean.

Confidence Level

The probability that the value of a parameter falls within a specified range of values, known as the confidence interval.

Error of Estimation

The discrepancy between a parameter's estimated value and its true value in the population.