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Marketing Unit > EXTRAPOLATION > Flashcards

EXTRAPOLATION Flashcards

1
Q

What is EXTRAPOLATION

A

EXTRAPOLATION: Using data collected in the past to predict future patterns of behaviour.

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2
Q

What the chart looks like

A

https://docs.google.com/document/d/1LySzd4uVXp1E7FJViPvxbEw-LsErK0mPneequ8ClanU/edit

This is a chart that shows the monthly sales from January to September, which allows you to predict the future sales by implementing a line of best fit.

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3
Q

Pros of EXTRAPOLATION

A

Based on data already collected = cheap to do

Allows a business to make decisions based on data

Smooths out fluctuations to reveal patterns

Helps set targets

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4
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Marketing Unit (37 decks)

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