You are a marketing analyst in a large grocery store chain. Your job entails developing a robust customer knowledge base utilizing the company’s vast database of in-store purchases. To date, you have been able to build a profile of your customer base, draw inferences about different customer groupings, and compare customer behaviors across the different sales regions. Your task is to:
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- Describe the business benefits of parameter estimation. Provide examples of the type of parameters that might be of interest to decision makers in areas such as marketing.
- Elaborate on how being able to estimate those parameters would benefit the quality of the resultant decisions.
- Describe the business benefits of drawing inferences—specifically, when it is advantageous to rely on inferences and what is required to ascertain the correctness of inferences.
- Discuss the relationship between tests of difference and hypothesis testing in the context of designing marketing promotions.
Submit your answers in a 2- to 3-page Microsoft Word document.
Name your document SU_MBA5008_W3_A2_LastName_FirstInitial.doc.