3.6 - Confidence intervals/ Market Mapping Flashcards
1
Q
What is a Confidence Level?
A
The probability that research findings are correct
2
Q
What is a Confidence Interval?
A
The plus or minus figure used to show the accuracy of results arising from sampling
3
Q
What is a Confidence Interval also known as?
A
Margin of error
4
Q
What type of indicators are Confidence Level/Interval and what do they summarise?
A
They are two statical indicators that summarise the amount of “certainity”
5
Q
What does Market Mapping involve?
A
Using a diagram to identify all the products in the market using two key features
6
Q
What can Market Mapping identify?
A
A gap in the market
7
Q
What are the advantages?
A
Identify a gap in the market
Easy and quicker
Low cost
8
Q
What are the disadvantages?
A
Reason for gap in the market
Inaccurate
No guarantee of success
