Week 1

Question 1

Types of Descriptive Analysis

Answer 1

Exploratory Research, Descriptive Research, and Casual Research

Question 2

What is Exploratory Research?

Answer 2

Ambiguous problems: Why are sales dropping?

Question 3

What is Descriptive Research?

Answer 3

Know problems: Who is buying our products? Who is buying our competitions’ products?

Question 4

What is Casual Research?

Answer 4

Well defined problems: While customers buy more of our product if we change our website?

Question 5

Why conduct Exploratory Research?

Answer 5

• Helps develop initial hunches or insights
• Provides a broader understanding of the
managerial problem
• Provides guidelines on the subjects that should
be tested rigorously
• Is typically achieved through focus groups,
comprising eight to ten customers and one
moderator discussing brands, brand sentiments
and so on

Question 6

What type of questions does Descriptive Research answer?

Answer 6

• Typical managerial questions you can
help answer with descriptive research
are:
- What are the characteristics of our
customers?
- What is our share of wallet?

Question 7

Types of descriptive research:

Answer 7

• Active data collection

- Unobtrusive (passive) data collection

Question 8

Active Data Collection: What are the Steps in Survey Design?

Answer 8

Generalize-list-capture-draft-design-evaluate-agree-test-impement

Question 9

Unobtrusive (Passive) Data Collection: Ways to collect data

Answer 9

• POS data
• Media Planning
  
  • Radio, TV, Social Media
• Web Data
• Mobile Data

Question 10

Point-of-sales data gives insights

into:

Answer 10

Impact of promotion
Impact of display
impact within and across categories

Question 11

Mobile data can help you answer:

Answer 11

Is customer search on the mobile platform different from the desktop?
What information should you show customers based on their location?
Should the information be based on your location?
Are there coupons that can be sent based on your location?

Question 12

Media planning will help you answer:

Answer 12

Who is watching which show?
Which shows can be funded next year?
How is the viewership pattern changing over time?
How should I be spending on ads?

Question 13

A/B testing

Answer 13

A/B testing is a user experience research methodology. A/B tests consist of a randomized experiment with two variants, A and B. It includes application of statistical hypothesis testing or “two-sample hypothesis testing” as used in the field of statistics.

Question 14

A/B Testing can help you provide insight for:

Answer 14

• Website optimization: Kind of website,
  landing page, and icons
• Mobile app design: Version of the app shown
  to customers
• Customized design: One-to-one marketing

Question 15

Correlation and Causation

Answer 15

Correlation: Relationship between two variables (not =)

Causation: One variable producing an effect on another variable.

Question 16

Three factors that are necessary for causal inference:

Answer 16

Is there correlation?
(Evidence of association between X and Y)
Is there temporal antecedence?
(X must occur before Y)
Is there no single factor driving correlation and causation?
(control for other factors)