Chapter 13 Flashcards
1
Q
Market segmentation
A
Dividing a broad target market into subsets of consumers (for example: Teens 16-19 is a market segment)
2
Q
Why differences are important
A
Statistically significant, meaningful, stable, and have actionable difference
3
Q
T-test
A
Used with small sizes (N> 30)
4
Q
Z-test
A
Used with larger sizes (N
5
Q
ANOVA Purpose
A
Used when comparing the mean of two or more groups
6
Q
ANOVA usage
A
Difference between the group means to determine whether sampling error or true population difference.
7
Q
ANOVA advantages
A
1) Immediately notifies researchers if there is any significant differences
2) Arranges the means so that the significant differences can be located and interpreted easily
8
Q
Post Hoc Test
A
Detects statistical significant differences among group means
