STAT first exam terms

Descriptive statistics

the type of statistics that refers to the methods used to summarize the data that was collected

outlier

a value in the data that is extremely unusual compared to the other values

sample size

the number of observations in the dataset

discrete quantitative variable

variables that represent a count of the number of items

Empirical Probabilities

probabilities that are calculated by counting the number of times that something occurs in a collected data set

median

the middle number in a dataset that is sorted in ascending order

categorical variable

variables that represent outcomes that can be placed into distinct categories(not counts or measurements)

continuous quantitative variable

variables that represent a measurement

sample space

a list of all possible outcomes used in a calculating probabilities

mode

the most common value in the dataset

theoretical probabilities

probabilities that are determined without having to collect data(previous knowledge)

inferential statistics

the type of statistics that refers to the methods used to make decisions or predictions about a population

interquartile range

the difference in the middle 50% of data when the data is sorted in ascending order

second quartile

the value in the dataset where 50% of observations are at or below it

first quartile

the value in the dataset where 25% of the data is at or below it

range

the difference in the total spread of data

third quartile

the value in the dataset where 75% of the data is at or below it

parameter

a result about a population

collectively exhaustive

a set of events where all possible outcomes are listed as events

statistics

a result about a sample

mutually exlusive

a set of events where there are no outcomes that can fall into more than one event

sample

a subset of all possible subjects of interest

z score

the number of standard deviations between a value and the mean

population

the set of all possible subjects of interest

standard deviation

the average difference between the data and the mean

mean

the average value in the dataset

simple random sample

randomly select a sample from the population so that every item in the frame has the same probability of being selected

systematic sample

select a starting point at random and then select every k-th item until you get the number of samples you need

stratified sample

group the data by some common characteristic and then randomly sample from each group(take part of each bucket)

cluster sample

group the data by some naturally occurring grouping and then randomly sample one or more of the groups and then study everyone i that group(take the whole bucket)

convenience sample

items that are easy, convenient (first people you see)

nonresponse error

failure to collect data on all items sampled(did not get reponses)

measurement error

data was not meaningful or accurate-processing errors, poorly worded questions, deliberate inaccuracies

sampling error

reflects the variation from sample to sample

coverage error

occurs of certain groups of items are excluded from the frame so that they have not chance of being selected in the sample or if items are included from outside the frame

variable

a characteristic or property of an item or individual that can vary among the occurrences of those items or individuals

data

the set of values associated with one or more variables

summary table

working with one variable

contingency table

working with two variables

frequency table

quantitative variables only

relative frequency

the proportion of values for a given range

percentage

the proportion written as a percentage

cumulative percentage

the sum of all percentages of values less than the upper limit in the bin

Globalization

The processes by which goods, services, capital, people, information, and ideas flow across national borders.

4 ways to assess global markets

1. Economic analysis 2. infrastructure and tech 3. sociocultural analysis 4. governmental actions

population growth dispersal

strong demand in bric(brazil russia, india china) nations

four key elements of a country's infrastructure

1. transportation, 2 distribution channels, 3. communications, 4. commerce

4 ways to evaluate economic metrics of a country

1. trade deficit or surplus, 2. GDP, 3. Gross national income, 4. Purchasing power parity

4 types of government actions

1. tariffs, 2. trade agreements, 3. quotas, 4. exchange control

purpose of a quota

to place a min or a maximum and reduces the availability of the imported good

exchange control

regulation of the country's currency exchange rate

trading bloc

the term for countries that have all signed a particular trade agreement

disadvantages of a trading bloc

trade outside of the trading bloc can be expensive, can often only be a party to one trading bloc

advantages to a trading bloc

free trade without tariffs, free movement of labor, good trading relationship

2 levels to understanding another culture

visible artifacts and underlying values

power distance

willingness to accept social inequality as natural

Uncertainty avoidance

the extent to which the society relies on orderliness, consistency,

structure, and formalized procedures to address situations that arise in daily life.

Individualism

perceived obligation to and dependence on groups.

Masculinity

the extent to which dominant values are male oriented. A lower masculinity ranking indicates that men and women are treated equally in all aspects of society;

Time orientation

short- versus long-term orientation. A country that tends to have a long- term orientation values long-term commitments and is willing to accept a longer time horizon for, say, the success of a new product introduction.

Indulgence

the extent to which society allows for the gratification of fun and enjoyment needs or else suppresses and regulates such pursuits.

franchising

allows the franchisee to operate a business using the name and the business format developed and supported by the franchisor

strategic alliance

- collaborative relationships between independent firms, partnering firms do not create an equity partnership

joint venture

firm entering a market pools its resources with those of a local firm, ownership, control and profits are shared

direct investment

equires a firm to maintain 100 percent ownership of its facilities, highest level or investment and exposes firm to significant risk

methods of segmentation

geographic, demographic, psychographic, benefit, behavioral

customer convenience

geographic segmentation allows the consumer to capitalize on the location

liftstyle segmentation groups

fitness, student, green etc

psychographic segmentation

psychology and demographics to segment consumers in terms of self values, lifestyles, self concept

benefit segmentation

wants and needs are best satisfied by the products benefits

2 types of behavioral segmentation

occasion and loyalty

loyalty segmentation

loyal customers are the most profitable

occasion segmentsation

when a product or service is purchased or consumed

5 things to evaluate segment attractiveness

1. substantial, 2. identifiable, 3. reachable, 4. profitable, 5. responsive

Value proposition

Communicates the customer benefits to be received from a product or service.

undifferentiated

approaches marketplace as one large segment

concentrated

focus on a specific customer group

micromarketing

niche product or service

3 steps to product positioning

1. define a product, select a target market, define product positioning

market positioning

Positioning is a company's efforts to influence the customer's perception about its products, services, and ideas

5 important criteria for market segmentation

1. substantial, measurable, differentiable, accessible, actionable

7 steps to create a perceptual map

1. determine consumers perceptions and evaluations in relation to competitors

2. identify market points and size

3. identify competitors positions, 4. determine consumer preferences

5,.select the position

6. monitor position strategy

competitive advantage points

price/quality relationship, attributes(unique position), or application

repositioning

re-establishing/rebranding a product to adapt to changes in the marketplace

why design in a z pattern

bc thats how people read, want important things at the top, middle or bottom of the page

goal of a header

statement to say what you do

differentiated mareting

pursues several different market segments similtaneously

market research

1. collect

2. record

3. analyze

4. interpreting

5. decision making

types of research

exploratory, descriptive, casual

primary data

collected for specific research needs, focus groups, in depth interviews, surveys

secondary data

collected prior to the start of research, external as well as internal data