Based on your research, provide concrete examples of how data formatting can eit
ID: 3127234 • Letter: B
Question
Based on your research, provide concrete examples of how data formatting can either help or hinder your use of statistical analysis. Include in your discussion the nature of the data being analyzed:
The value of statistics lies in its ability to help you with decision making. Suppose that you are the marketing manager of a store, trying to determine if a new product should be introduced. What type of data might you want to use and what type of statistics functions might you need to help you with your decision?
Explanation / Answer
Data collection is the process of gathering and measuring information on variables of interest, in an established systematic fashion that enables one to answer stated research questions, test hypotheses, and evaluate outcomes.
The importance of ensuring accurate and appropriate data collection:
Regardless of the field of study or preference for defining data (quantitative, qualitative), accurate data collection is essential to maintaining the integrity of research.
Consequences from improperly collected data include
Market research can help you get accurate and specific information about your customers and competitors.Research is an important first step before you undertake many key marketing tasks including: preparing a marketing plan, doing SWOT (strengths, weaknesses, opportunities, threats) analysis, product development, branding and pricing.
WHAT DO I NEED TO KNOW?
When conducting research there are some questions you may want to answer, and primary or secondary research will help you find the answers. Some of the questions you can consider include:
Statistics functions which we need:
Qualitative research. Qualitative research or qualitative market research is a kind of a research method which mainly takes into account the opinions and feelings of a customer as far as a business’s products and services are concerned. Some common examples of qualitative research work include doing face to face interviews, being part of focus groups, etc.
Quantitative research. Quantitative market research is a kind of market research work that is based on hard facts and statistical data rather than the feelings and opinions of the customers or consumers. Some of the common examples of quantitative research include exit surveys, questionnaires, on-site fieldwork and the shopping bag survey.
PRIMARY MARKET RESEARCH
The following are the four Primary market research techniques that are most commonly used and applied:
1. Focus groups.
2. Surveys and questionnaires.
3. Observation.
4. Trials and experimentation.
SECONDARY MARKET RESEARCH
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