Market Trends - Session 2.pdf

Market Trends - Session 2.pdf - 6 2 SORTING OUT YOUR...

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6 WORKBOOK | © 2018 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB52415 DIPLOMA OF MARKETING AND COMMUNICATION & 10118NAT DIPLOMA OF SOCIAL MEDIA MARKETING | MARKET TRENDS_V5.5 2. SORTING OUT YOUR STATISTICS In this session: f measurement and values f data and information f measurement scales f cleaning up data f validity and reliability f sampling f summarising data Objectives After this session you will be able to: f discuss statistical measurement techniques f differentiate between data and information f outline the common measurement scales f apply the concepts of validity and reliability f discuss sampling techniques Measurement The basis of all statistics is measurement. All this means is putting a numerical value on something. For example your last electricity bill was expressed in a dollar amount. That is measurement. If the sales of your company rise by a certain percentage, that is measurement. The important point is that you should worry only about the measurement of things that influence your business decisions. Do not collect statistics on issues that have no relevance to your business situation. Sometimes measurement may be expressed in other terms- for example – my shirt is blue – where we have used colour as a measuring yardstick. But in a business scenario, while it may be used in conjunction with other measurement methods, numbers are usually what is important. Note however that the numbers only provide ‘data’. This data is of no use whatever unless we work out what it means to us - thus converting it into ‘information’. To take a simple example, imagine you are measuring the height of all the students in your class. You might wind up with a list like the one below: f Carlos: 1.80 m f Penny: 1.62 m f Marika: 1.77 m f Karen: 1.45m f Joshua: 1.79m f Ting: 1.63m f John: 1.78m f Jesse: 1.22 m What you have in front of you is a collection of numbers. They may be nice numbers, or interesting numbers, but the key is to work out what they mean and how they can be used.
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7 WORKBOOK | © 2018 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB52415 DIPLOMA OF MARKETING AND COMMUNICATION & 10118NAT DIPLOMA OF SOCIAL MEDIA MARKETING | MARKET TRENDS_V5.5
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  • Two '17
  • ALEX LOFTS
  • Social media marketing, YOUNG RABBIT PTY, AUSTRALIAN PACIFIC COLLEGE, YOUNG RABBIT PTY LTD

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