Statistical analysis of quantitative research may include sampling measures of

Statistical analysis of quantitative research may

  • Warwick
  • BUSINESS BSBRSK501
  • AileenKu
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Statistical analysis of quantitative research may include:samplingmeasures of central tendencymeasures of dispersionnature and degree of relationship between variablestime series analysisnormal distribution probability curveQualitative and quantitative information are both required to make informed decisions.When the relative data has been collected and collated, it provides researchers with anoverall picture and allows them to analyse it to determine factors and clusters.
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ActivityWhy would you conduct qualitative market research compared to quantitative marketresearch? Consider the Water-Logged Company scenario.What would your intentions be and what would you expect the results to show?Analysing progress, identifying gaps and implementing corrective actions ensures theongoing process of continuous improvementAnalysing over performanceIs over performance positive or negative? Exceeding expectations is fantastic however it doespresent the need for further analysis. Did international market research overlook animportant element or was it simply a case of the international marketing campaign reachinga larger market than expected?Exceeding market performance targets and expectations generates the need for review andimplementation of new targets. Gathering valuable feedback promptly will provide insight asto how and where the over performance occurred.The action plan can then be reviewed and relevant changes implemented to capitalise on thesituation.Analysis of over performance could also uncover new opportunities.
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Groupdiscussion:As a group, discuss how analysis of over performance might uncover new opportunities.reference.The strategic effectiveness of market performanceThere are many aspects that need to be considered to provide an overall picture.Consider the following to provide an overall picture:Sales dataWhat have the sales trends been?What is the phase of the life cycle?How have sales performed against the marketing activities objectives?Was the approach in line with the marketing plan?Profit dataWhat have been the profit trends?What have been the cost trends?Competitor dataHow have you performed against competitors?What have your competitors done differently?In which areas do your competitors have an advantage?Customer feedbackWhat has been the customer's feedback?What was your key focus of appeal?Did you successfully appeal to your targets?What suggested improvements were made?
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