Statistical Flashcard (Business)

Front

What is the maximum probability that a customer will respond positively to an advertisement?

Back

1.00

Front

What does it indicate if the probability of an event is more than 0.05?

Back

It suggests that the event is not unusual.

Front

What is the probability of having no digital marketing strategies in the given data?

Back

P(x) = 0.020.

Front

What are the two events described in the study regarding advertising on social media?

Back

Advertising on social media and increasing product sales.

Front

What type of test is used when both positive and negative deviations from the expected outcome are considered?

Back

Two-tailed test.

Front

Define 'independent events' in probability.

Back

Two events are independent if the occurrence of one does not affect the occurrence of the other.

Front

Define 'dependent events' in probability.

Back

Two events are dependent if the occurrence of one event affects the occurrence of the other.

Front

What is the significance of a p-value less than 0.05 in hypothesis testing?

Back

It indicates that the results are statistically significant.

Front

What is a marketing strategy?

Back

A plan of action designed to promote and sell a product or service.

Front

What is the purpose of digital marketing?

Back

To reach and engage customers through digital channels.