When created effectively, this process ensures the success of an organizationâs marketing strategy. When you focus on the implementation phase of the process, which is the putting of the marketing strategies and plans into action, there are ways to help make this step as successful as possible.
For example, we use the sample mean as an unbiased estimator for the population mean. (Mathematically, it can be shown that the expected value of the sample mean is equal to the population mean). In the case of estimating the population standard deviation, the sample standard deviation is an unbiased estimator too.
Standard deviation is a widely used measurement of variability or diversity used in statistics and probability theory. It shows how much variation or dispersion there is from the average (mean, or expected value). A low standard deviation indicates that the data points tend to be very close to the mean, whereas high standard deviation indicates that the data is spread out over a large range of values.