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Main Tools And Terms In Statistics

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Without statistics the market research would be impossible because they provide information necessary to conduct a proper market research. For example, statistics allow companies to make decisions based on customer’s preferences and provide information around their needs. It is also important and necessary because it compiles complexity to develop useful insights recommendations for business and if the statistical analysis is correctly applied you can produce effectiveness results.

2. What is the purpose of statistical analysis in a business context?

In the business world making a marketing decision involves budget and if the decision is not successful it can turn into expenses, wastes and even damage the image of the company. Because of this, statistical analysis helps companies make their decisions providing information in support of answers, so the make sure that the company is using statistical analysis strategically and consistently before beginning to draw conclusions or make predictions. It also provide information about a situation or a market helping decisiomakers to think about the questions they need to ask to ensure statistical analysis provides information to answer questions already posed by decision makers.

3. Briefly explain the following terms:

a. Measures of central tendency It is a single value that attempts to describe a set of data by identifying the central position within that set of data. The mean, median and mode are all valid measures of central tendency, but in different context.

b. Mean and median Mean is the sum of the observations divided by the number of observations and median is the middle observation in a set of observations.

4. Briefly explain the following terms

a. Measures of dispersion It describes how similar a set of scores are to each other. The more similar the scores are to each other. For example, the lower the measure of dispersion will be the less similar the scores are to each other, the higher the measure of dispersion will be. There are three main measures of dispersion: the range, the semi-interquartile range (SIR), Variance/standard deviation.

b. Correlation It describes how a change in a value will affect other. In other worlds, this calculation measures the extent to which one measurement is affected by movements in another.

5. List at least 5 market trends or developments that might impact on your business.

1. Search Engine Optimization Marketing Trends to grow the organic presence online.

2. Find influencers on social media to connect with target audience.

3. Email marketing interactive to get attention of the target audience.

4. Chatbot to automate tasks more quickly and improve customer experiences.

5. Responsive website and mobile-friend design for people access site from anywhere.

6. What type of information could you gather to help you perform comparative market analysis?

You can gather a lot of information to compare market penetration, profitability, market development, etc. You also can gather to perform comparative market analysis such as price, location, size, neighbourhood (if you are comparing properties, for example) and all information you have in your hands you can use to compare market analysis. You can compare

7. Why would you gather such information?

In business, this kind of information enables you to make consistent decisions based on comparisons rather than deductions. The data collected make it easier to compare items by comparing banana with banana and not banana with apple, for example.

8. Why would you analyse the market performance of existing competitors and potential competitors?

Because you can compare current and potential competitors and their performance to make the right decision for the business. With these analyses you can identify the strengths, weaknesses, advantages and disadvantages among them to make the right decision for your business if you keep the same or if you change the decision.

9. How could you apply the statistical data you obtain on competitors to guide your business decisions?

You can use this data to compare with your results and identify your competitor’s strengths and weaknesses, opportunities and threats, and compare each item with yours. With this information, you can identify opportunities for your business and also identify where you need to evolve compared to it. You can also find new business opportunities where your competitor is not working as well.

10. What techniques could you use to analyse competitive information?

You can use statistical measures techniques like The Three M Words, correlation and regression, variance and standard, correlation, etc.

Section 2 – Analyse qualitative results

1. List at least 5 different data types that you would analyse to determine the success of marketing activities in the business.

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1. Sales

2. Return Investment

3. Market penetration

4. Profit

5. Market Share

2. Why is it necessary to determine whether products and services are over or under performing?

If you want to keep the satisfaction of your customer you need to identify whether or not your product or service has exceeded customer expectations, understand if it needs adjustments or improvements or even launch something new.

3. Why is it important to forecast existing and emerging market needs?

Forecast helps business to improve organizational performance like sales, revenue, profit, increased customer satisfaction. It is also important to set goals and follow up the objectives. You can use to reduce uncertainty and anticipate change in the market and we can say that forecast also helps to increase knowledge of the market for businesses.

4. List at least 5 methods that you could use to forecast market needs.

1. Trends analysis

2. Correlation

3. Previous sales

4. Std deviation

5. Variance and standard

5. Who should be involved in the forecasting process?

The forecast must be developed and monitored by its developer and involved manager, director and other areas that are part of the business and work directly or indirectly with these statistics. In addition, the manager needs to track and approve the forecasting to make sure that everything is correct.

Section 3 – Report on market data

1. Why is it necessary to plot and interpret data for visual presentation?

In business, time is money and a visual presentation is more effective and assertive than open data in a table and explaining item by item. Visual presentation through graphics, for example, can do this much more efficiently than verbal explanations. It is important to remember the graphics or images that clearly represent the statistics obtained.

2. What tools and support might you need to do this? Give at least 5 specific examples.

  • attractive presentations using power point or Google slides
  • graphics or chart
  • tables of figures
  • convert the figure into a text narrative
  • diagrams

3. What are some of the problems that might occur in preparing visual representations of data?

Visual presentation is an important part that can compromise the material if it is developed in the wrong way. For example, using too many colours can distract those reading the statistics. Using similar colours can also be confusing. It is important to keep the same colours chosen from the beginning to the end of the presentation, as changing tones can cause confusion. Some people want to look good and end up using 3D techniques, but with different geometry.

4. What are some of the questions you should ask yourself when preparing to write your report that will include these visual representations?

To ensure that your visual presentation is successful you may ask yourself: what are the best pictures to use? How can I show numbers more efficiently? Is this graph really correct and consistent? And finally, when looking at all the material ask yourself: does it really make sense?

5. How would you determine whether or not your report meets the organisation’s requirements for content, format, level of detail and scheduling?

It is always important to get feedbacks from the Manager and those people involved in the process to whether if the report is clear, objective and fully understood for everybody. The feedback from people that never have worked with is essential to understand the effectiveness of the report. And it’s also important follow how the report is being used by other areas, how they are using it and how often.

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Main Tools And Terms In Statistics. (2022, February 27). Edubirdie. Retrieved December 8, 2022, from https://edubirdie.com/examples/main-tools-and-terms-in-statistics/
“Main Tools And Terms In Statistics.” Edubirdie, 27 Feb. 2022, edubirdie.com/examples/main-tools-and-terms-in-statistics/
Main Tools And Terms In Statistics. [online]. Available at: <https://edubirdie.com/examples/main-tools-and-terms-in-statistics/> [Accessed 8 Dec. 2022].
Main Tools And Terms In Statistics [Internet]. Edubirdie. 2022 Feb 27 [cited 2022 Dec 8]. Available from: https://edubirdie.com/examples/main-tools-and-terms-in-statistics/
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