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Data Distribution
There are many distributional forms that our marketing data can take on.
Most data follows a specific form of one type or another.
Because of this fact, we can make estimates and forecasts about what our data is telling
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Correlation Analysis
The strength of the linear relationship between two variables is assessed by using
correlation analysis. For example, are age and income somehow related? In other
words, employ correlation analysis when interested in
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Chi Square and ANOVA Tests
Sometimes we want to evaluate the equality of more than 2 categories or groups.
For example is the average weight loss among three diet plans the same or are
they different.
To compare more than two groups we u
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Data Organization
Qualitative data we display with
Frequency distributions
Bar charts
Pie charts
Quantitative data we display with
Frequency distributions or relative frequency distributions.
Histograms
Polygons
Pie charts
Frequency Distr
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Measures of Central Tendency
Did you know that the average or mean is quite sensitive to extreme data values
(outliers) which could cause you to make incorrect conclusions based on this data?
The Three Measures of Central Tendency are:
Me
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Sampling and Data Types
Every day marketers make decisions based on sample data
Based on the results of samples, inferences are drawn about the population as a whole
Statistics: A branch of math dealing with the collection, analysis, inte
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The Central Limit Theorem
The assessment of sample means (average and percentages) are the basis of many every
day business decisions.
Therefore understanding exactly how an average is distributed is KEY to properly
assessing one versus a
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Measures of Dispersion
The two main measures of dispersion of concern are:
The Range
The Variance and Standard Deviation
The range is the largest observation minus the smallest observation for the variable of
concern in your sample
The
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Ensure Valid Test and Survey Results Trough Proper
Sample Size Estimation
The more accuracy required in our estimates, the more we will need to sample.
The key here is to determine how much accuracy you will need to make the decision
and
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Analyzing our Marketing Test, Survey Results and Other
Metrics Using Confidence Intervals
When we estimate population averages or percentages based on samples, a certain
amount of error is present.
The amount of error present is a functio