Main Tools And Terms In Statistics

Without statistics the market research would be impossible because they provide information necessary to conduct a proper market research. For example, statistics allow companies to make decisions based on customer’s preferences and provide information around their needs. It is also important and necessary because it compiles complexity to develop useful insights recommendations for business and if the statistical analysis is correctly applied you can produce effectiveness results.

2. What is the purpose of statistical analysis in a business context?

4. Briefly explain the following terms

a. Measures of dispersion It describes how similar a set of scores are to each other. The more similar the scores are to each other. For example, the lower the measure of dispersion will be the less similar the scores are to each other, the higher the measure of dispersion will be. There are three main measures of dispersion: the range, the semi-interquartile range (SIR), Variance/standard deviation.

3. Email marketing interactive to get attention of the target audience.

4. Chatbot to automate tasks more quickly and improve customer experiences.

In business, this kind of information enables you to make consistent decisions based on comparisons rather than deductions. The data collected make it easier to compare items by comparing banana with banana and not banana with apple, for example.

8. Why would you analyse the market performance of existing competitors and potential competitors?

You can use statistical measures techniques like The Three M Words, correlation and regression, variance and standard, correlation, etc.

Section 2 – Analyse qualitative results

4. Profit

5. Market Share

4. List at least 5 methods that you could use to forecast market needs.

1. Trends analysis

5. Who should be involved in the forecasting process?

The forecast must be developed and monitored by its developer and involved manager, director and other areas that are part of the business and work directly or indirectly with these statistics. In addition, the manager needs to track and approve the forecasting to make sure that everything is correct.

• attractive presentations using power point or Google slides

• graphics or chart

Visual presentation is an important part that can compromise the material if it is developed in the wrong way. For example, using too many colours can distract those reading the statistics. Using similar colours can also be confusing. It is important to keep the same colours chosen from the beginning to the end of the presentation, as changing tones can cause confusion. Some people want to look good and end up using 3D techniques, but with different geometry.

4. What are some of the questions you should ask yourself when preparing to write your report that will include these visual representations?