Lesson 2.1 - Part 2

Question 1

Minimizing total error with MRP

Answer 1

1. Idea generation and concept testing (using visual aids for marketing)
2. Test markets

Question 2

Stage 3: data analysis

Answer 2

1. Data processing: editing and coding the collected data
2. Data analysis: apply computation, summarizing, and reasoning to understand the gathered information

Examples of data analyses: descriptive statistics, plots, frequency counts, cross tabulation, regression analysis, hypothesis testing

Question 3

Basic Univariate statistics: descriptive statistics

Answer 3

1. Statistics that describe the distribution of responses on a variable. Most commonly used descriptive statistics are sample mean (measure of central tendency) and sample deviation (measure of dispersion)

Sample mean: simply the average of all the items in a sample

Simple standard deviation: a measure of variation of responses on a variable. The standard deviation is the square root of the calculated variance on a variable.

Question 4

Histogram and outlier

Answer 4

1. Histogram: a form of bar chart on which the values of the variable are placed along the x-axis and the absolute or relative frequency of the values is shown on the y-axis
2. Outlier: an observation so different in magnitude from the rest of the observations that the analyst chooses to treat it as a special case

Question 5

Frequency analysis

Answer 5

1. A count of the number of cases that fall into each of the possible response categories.
2. Percentages are very useful for interpreting the results of categorical analyses and should be included whenever possible
3. Valid percentages are useful for interpreting the results of categorical analyses, after taking out missing data