non examined

• What is a mission statement?

  A qualitative statement of a business's core purpose
• How does a mission statement guide a business?

  It guides strategic decision-making and goals
• What are objectives in a business context?

  Specific, measurable targets to achieve the mission
• What types of objectives exist?

  Strategic (long-term) and tactical (short-term)
• How does a mission shape business objectives?

  The mission influences the specific objectives set
• What is the hierarchical relationship between mission and objectives?

  Mission → Corporate Objectives → Functional Objectives
• Why is the relationship between mission and objectives important?

  Ensures consistency between vision and actions
• What happens if a mission lacks clear objectives?

  It lacks direction
• What can misaligned objectives cause?

  Conflicting priorities within the organization
• What is scientific decision-making?

  Using data and logic to reduce risk
• What are the steps in the scientific decision-making process?

  Set objectives, gather data, analyze data, select strategy, implement, review
• What is an advantage of scientific decision-making?

  Reduces bias and emotion in decisions
• What is a disadvantage of scientific decision-making?

  It can be time-consuming and expensive
• How does scientific decision-making compare to intuition-based decision-making?

  Scientific is data-based; intuition is experience-based
• In what situations are scientific methods most effective?

  High-stakes or data-rich decisions
• What are marketing objectives?

  Targets set by the marketing department
• What types of marketing objectives exist?

  Sales volume, market share, brand loyalty, customer satisfaction, new product development
• What does SMART stand for in marketing objectives?

  Specific, Measurable, Achievable, Realistic, Time-bound
• What influences marketing objectives?

  Internal factors like corporate objectives and external factors like market trends
• Why are marketing objectives important?

  They focus efforts and evaluate success
• What is secondary market research?

  Research using existing data collected for another purpose
• What are the advantages of secondary market research?

  Low cost, quick access, large-scale data
• What are the disadvantages of secondary market research?

  May be outdated, not specific, lacks relevance
• When is secondary market research useful?

  For gaining background knowledge or general trends
• What is sampling in market research?

  Collecting data from a subset of the population
• What are the types of sampling?

  Random, stratified, quota, convenience sampling
• What is random sampling?

  Equal chance of selection; reduces bias
• What is stratified sampling?

  Sample reflects key characteristics of the population
• What is quota sampling?

  Researcher chooses respondents to match quotas
• What is convenience sampling?

  Collecting data from the easiest participants
• What are the advantages of sampling?

  Saves time and money, provides useful insights
• What are the disadvantages of sampling?

  Risk of bias or unrepresentative data
• Why is effective sampling important?

  Boosts reliability of research while saving time
• What is a confidence interval?

  Range in which the true value is likely to lie
• What does a confidence interval indicate?

  How certain we are about a sample result
• What is a confidence level?

  Probability the interval contains the true value
• What is margin of error?

  Range above or below the sample result
• What influences the margin of error?

  Sample size and variability in population
• Why are confidence intervals important?

  They help quantify uncertainty in decision making
• What is correlation?

  Measures strength and direction of relationship