3.3.1 Marketing Objectives

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Last updated 9:59 AM on 6/9/26
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7 Terms

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What is Extrapolation?

The use of established trends from historical data to forecast future data

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When would be good to use extrapolation?

For prediction

quick and cheap

not much data required

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What are the Drawbacks of Extrapolation?

unreliable

info could be outdated

ignores qualitative factors

assumes past trends will continue unlikely in competitive business environments

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Describe Correlation

Looks at the strength of a relationship between two variables

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What is an Independent variable?

Factor That Causes The Dependent Variable To Change

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What is a Dependent variable?

Variable influenced by the independent variable

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What are Confidence intervals?

Gives the percentage probability that an estimated range of possible values in fact including the actual value being estimated to show the accuracy of statistical results rising from sampling.