Marketing Principles CHAPTER 7 SECTION 2

 Many people use calculators to pay bills, create budgets, and balance their checkbooks.  If you have a marketing job then you will almost certainly use a calculator.  Many people use the guess and check method, estimate first then enter the problem into the calculator.

 Always check the display after you enter each number because you could make a mistake, that is why having an estimate in mind is important.  You can ignore leading zeros and trailing zeros.  For mixed numbers or fractions, convert the fractions to decimal form first. Page 176

 While learning to use a 10-key keypad, keep your fingers on the home row. (4, 5, 6)  Percentage is a number expressed as parts per 100. Page 178  Converting fractions to percentages – Page 178  Converting percentages to decimals – Page 178

 Percentage problems are often encountered in marketing jobs. Page 179  A graph shows the relationship between two or more kinds of data. 1.Bar graph – drawing made up of parallel bars whose lengths correspond to what is being measured – Page 180

2. Line graph – is a line or lines that joins points representing changes in a quantity over a specific period of time. 3. Circle graph or pie chart – pie-shaped figure that shows the relative sizes of the parts of the whole. 4. Frequency table – lists numbers, fractions, or percentages for different intervals

 Descriptive statistics: 1.Central tendency of distribution – an estimate of the center of distribution 2.Mean – average, most common way of describing central tendency 3.Median – exact middle 4.Mode – most frequently occurring value 5.Dispersion – spread of values around the central tendency