Question: As a product manager, you are tasked with selecting a market segment to focus on . The following sampled data shows the number of products
As a product manager, you are tasked with selecting a market segment to focus on The following sampled data shows the number of products sold per month over the last three years for each market segment:
Market Segment :
Market Segment :
Since customer behavior can be considered a natural process, assume that sales volume follows a normal distribution and that the data does not have autocorrelation or a timeseries pattern.
Questions:
What are the average and standard deviation of sales for each market segment?
Is there a significant difference in sales volume between these two market segments? If so why, and which market segment generates higher sales?
If the minimum requirement is sales per month, what is the probability of achieving this target in each market segment?
Which market segment demonstrates more consistent sales, and how would you measure consistency?
If your company requires a minimum monthly sales volume of what action would you recommend?
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