I need help with the questions below.
1. If you were to conduct market research for you company, how could you identify data as invalid? If questioned by your manager about the market research results, how would you explain central tendency or the difference between mean, median, and mode? How are each of these important to your company from a marketing research perspective?
2. You just spent three months conducting market research, your management team has asked how soon you can make a presentation with your recommendations. Explain the steps involved with hypothesis testing to your management team so they will be comfortable providing you more time to complete your research project. If questioned by your manager, how would you explain the difference between a Type I and a Type II error (provide an example from your industry)? How are each of these important to your company from a marketing research perspective?
3. Assume you are the Director of Marketing for a medium-size corporation, and that you are considering launching a new product into your existing market. You have conducted a large marketing research campaign resulting in 5000 completed surveys indicating preferences related to your proposed product's characteristics, price, and distribution channels. Discuss how you will proceed to analyze and interpret the data.
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Solution - 1
If I would conduct a market research for my company, I will identify data as invalid along with validity of a test. Validity of a test is the level to which deviations in scores reflect deviations in the measured characteristics'. Predictive validity & construct validity could be used to identify data and its validity. Predictive validity is ascertained by the correlation among outcomes and authentic behaviour. Construct validity is the level to which a assessing instrument evaluates what it means to evaluate. With the help of these validity tests the data could be identified as invalid (marketing Research, 2007).
In a research central tendency is a statistical analysis used for making condensation of data. In a research data is collected in large numbers, which need to be analyzed properly but it could be done only by making tabulations. With central tendency an average is delineated as a value which represents the whole mass of data. It could be located in between the minimum and the maximum of the values in the data (Marczyk, DeMatteo & Festinger, 2005).
From the marketing research perspective mean is the easily understood and most commonly used average in any statistical analysis. It is the sum of all the values in the data. Median is another extensively known and normally used average. It is the most central or the ...
Marketing research is conducted.