Tag: Binomial probability distribution

Analyze how the marketer of each type of product has built the marketing mix for each. See the criteria below for what to submit for both the GOOD and SERVICE.

Marketing Mix Assessment

Analyze how the marketer of each type of product has built the marketing mix for each. See the criteria below for what to submit for both the GOOD and SERVICE.

Are they trying to boost volume with penetration, every-day-low-price or high/low pricing? Or are they matching the competition; creating prestige; or getting a certain profit margin? Explain why you think they are using that pricing strategy.

Share how do prices compare with the prices for competing products? (i.e. Share actual prices of your good and service vs their top competitors.) Refer to chapter 13, section 5 & 6 for pricing strategies.

For the good, share where can you buy the good (online or what type of retail stores). Also, if using retailers, is it intensive, selective or exclusive distribution?

For the good, share where on the shelves or where in a retail store do you typically find the good?

For the service, share how do you access it? (Where do you find the service such a location and why do you think they are located there?)

Describe how three specific attributes of the good or service selected is related to your needs as a consumer. For example, how does the good/service meet your needs as a consumer? Explain.

Explain what the coefficient of variation is. What is the advantage ofusing it compared to standard deviation?What is the relationship between variance and standard deviation?

Explain the difference between a population and a sample (from a
statistical point of view). (4pts)

Explain the difference between quantitative variable
and qualitative variable. (4pts)

Explain the difference between descriptive statistics
and inferential statistics. (4pts)

For a dataset, without constructing of the frequency distribution table;
how to obtain the class width of frequency distribution table if the
number of classes is given? (2pts)

Note: Use the formula in the slides; here frequency distribution table is
not provided.

Explain the difference between a frequency distribution table and a
relative frequency distribution table (4pts)

Explain the difference between mean and median. Is mean always
larger than median? (4pts)

Explain the difference between μ and x . How do you determine
which is appropriate to use in a problem? (4pts)

Explain the difference between σ and s. How do you determine which
is appropriate to use in a problem? (4pts)

What is the relationship between variance and standard deviation?
(2pts)

Explain the difference between range and interquartile range. (4pts)

Explain what the coefficient of variation is. What is the advantage ofusing it compared to standard deviation? (4pts)

Explain the meaning of “Event with equally likely outcomes”. (4pts)

Explain the difference between joint(nonexclusive) events and
disjoint(mutually exclusive) events. (4pts)

Explain the difference between P(A) and P(A|B). What does it mean
if they are equal in value? What does it mean if they are unequal in
value? (4pts)

Explain the difference between P(A|B) and P(B|A). Must they be
equal in value? (4pts)

Explain the difference between Permutation and Combination. (4pts)

Explain what a discrete random variable is. List examples.(4pts)

What are the requirements for a discrete probability distribution?
(4pts)

Explain what binomial probability distribution is.
Hint: list requirements in slides.(4pts)

Explain what a continuous random variable is. List examples. (4pts)

Explain some basic characteristics of Normal Distribution. (4pts)

What is the standard Normal Distribution? (2pts)

Explain the difference between a raw score (x value) and a standard
score(z value). (4pts)

How to convert a raw score to a standard score; and how to convert a
standard score to a raw score? (4pts)

Explain how to use Table 2 for each of the following intervals:
a) z < a (less than) b) z > a (more than)
c) a < z < b (between)
Here a and b are constant z units. b is larger than a
Describe the strategies we mentioned in class for theses 3 cases (6pts)

Explain what the Inverse Normal Distribution is. How would you
figure out whether a problem is Normal Distribution type or Inverse