Magazine

L05 Know It.

What is a "gap" in the market?

An unmet consumer need or a group of potential customers who are not yet purchasing a good or service. Gaps in the market represent opportunities for companies to expand their customer base by increasing awareness and creating targeted offers or advertising campaigns to reach the untapped market.

What is the difference between circulation and readership?

Circulation is a count of how many copies of a particular publication are distributed. Readership is an estimate of how many readers a publication has.

Name at least two starting points where data can be analysed by organisations.

1. Mean. The arithmetic mean, more commonly known as “the average,” is the sum of a list of numbers divided by the number of items on the list. The mean is useful in determining the overall trend of a data set or providing a rapid snapshot of your data. Another advantage of the mean is that it’s very easy and quick to calculate.

2. Standard deviation. The standard deviation, often represented with the Greek letter sigma, is the measure of a spread of data around the mean. A high standard deviation signifies that data is spread more widely from the mean, where a low standard deviation signals that more data align with the mean. In a portfolio of data analysis methods, the standard deviation is useful for quickly determining dispersion of data points.