Table of contents

1. Introduction to Statistics53m
2. Describing Data with Tables and Graphs2h 1m
3. Describing Data Numerically1h 48m
4. Probability2h 26m
5. Binomial Distribution & Discrete Random Variables2h 55m
6. Normal Distribution & Continuous Random Variables1h 48m
7. Sampling Distributions & Confidence Intervals: Mean2h 8m
8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- Sampling Distribution of Sample Proportion
  35m
- Confidence Intervals for Population Proportion
  45m
9. Hypothesis Testing for One Sample2h 23m
10. Hypothesis Testing for Two Samples3h 25m
11. Correlation1h 6m
12. Regression1h 4m
13. Chi-Square Tests & Goodness of Fit1h 30m
14. ANOVA1h 4m

1. Introduction to Statistics

Intro to Stats

Statistics for Business

1. Introduction to Statistics

Intro to Stats

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Multiple Choice

Marketers frequently design customer relationship management (CRM) programs to:

build long-term relationships with customers

increase production costs

limit customer feedback

reduce the number of loyal customers

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Verified step by step guidance

Step 1: Understand the concept of Customer Relationship Management (CRM). CRM programs are strategies and tools used by businesses to manage interactions with current and potential customers, aiming to improve customer satisfaction and loyalty.

Step 2: Analyze the goal of CRM programs. The primary objective is to build long-term relationships with customers by understanding their needs, preferences, and behaviors, which helps in fostering loyalty and repeat business.

Step 3: Evaluate the options provided in the question. Consider whether each option aligns with the purpose of CRM programs. For example, increasing production costs or limiting customer feedback would not align with the goal of improving customer relationships.

Step 4: Focus on the correct answer. Building long-term relationships with customers is the central purpose of CRM programs, as it helps businesses retain loyal customers and improve profitability over time.

Step 5: Conclude by emphasizing the importance of CRM in business strategy. CRM programs are essential for creating a customer-centric approach, which is key to sustainable business growth and competitive advantage.