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Market Research Data Analysis

1. When would you use inferential data analysis? Which of the five types of statistical analysis is the most helpful for market researchers? Which type of statistical analysis would most benefit the company you work for?

2. How would you explain the difference between frequency distribution and standard deviation to your manager? How can a frequency distribution reveal the variability in responses to a Likert-type question in a lifestyle study? Provide an example given the company you work for. What is meant by cross tabulation of data? What value does it serve?

3. What is the best way to visually depict market research data? Why? What is the importance of using text and graphs to illustrate research findings within a research report? What are some important components of a research report that would be applicable to your company?

Solution Preview

1. Inferential data analysis is the next level of analysis after descriptive statistics. It allows the researcher to generate conclusions about the larger population. Descriptive statistics can describe the actual sample being studied but if you want to extend study to a broader population, inferential statistics is needed. In order to do this, the sample to be studied must be the right sample. There must also be assistance from an expert, access and familiarity to computer programs to perform the calculations, large amounts of data, and the interval numeric indicators should not be biased (stepstoolkit.org). Inferential statistics is used for conclusions that are beyond the immediate data on hand, e.g., inferring from the sample data the probable thoughts of a population, making judgment of the dependability of an observed difference between forecasting based on collected information.

Among the five types of statistical analysis (Descriptive, Inferential, Differential, Associative, and Predictive), descriptive statistics would benefit the market researchers most because it is used to describe the data set that have been collected. Descriptive statistical analysis involves qualitative research which involves an in-depth study of limited samples of people, using focus groups, surveys and other tools that prescreen participants to check if they match the sociodemographic profile of the company that is doing the research. When there is a need to get statistically significant results by measuring, estimating and quantifying, then inferential statistics comes in. Inferential statistics are often used by large companies to make sure that consumer opinions represent the population at large.

I am working in a school and descriptive type of research would be very useful. Research involves stating questions or problem of interest, defining the subjects, developing tools or instruments and validating them for the collection of data, administering the research/questionnaire, and description and analysis of results. The purpose is to be able to answer questions about the current status of subjects of the study. Descriptive statistics would be more effective because the population is small and it needs more qualitative research methods.

2. A frequency distribution is a ...

Solution Summary

When to use inferential data analysis, statistical analysis helpful in market research, difference between frequency distribution and standard deviation, the best way to depict market research data, etc. References are included.

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