Explain the process and importance of interpretation in business ...

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Explain the process and importance of interpretation in business research.

Question 2

It is generally cheaper to _____ existing customers than to _____ new ones.
 a. persuade; deter c. persuade; deter
  b. deter; recruit d. keep; recruit

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Answer to Question 1

Interpretation is the process of drawing inferences from the analysis results. Inferences drawn from interpretations lead to managerial implications. In other words, each statistical analysis produces results that are interpreted with respect to insight into a particular decision. From a management perspective, the qualitative meaning of the data and their managerial implications are an important aspect of the interpretation.

Answer to Question 2

D
If consumers continue to see positive things about a firm or product, they are less likely to leave the relationship, whereas gaining a new customer requires much more investment.