Question

List four statistical analysis concepts, five statistical analysis methods, and five methods of presenting/ reporting on the results of analyses, commonly used in marketing.

Answer 1

Statistical analysis concepts: Statistical analysis concepts deals with different tools that are used for performing data analytics.

Four statistical analysis concepts are as follows:

• Operational Definition,
• Description,
• Phases of analysis, and
• Probabilistic thinking

Some concepts that are of prime importance in statistical analysis are as follows:

• Analysis of Variance,
• Multiple comparison,
• Factorial Analysis,
• Covariance Analysis, and
• Power Analysis
• Confidence intervals and their interpretation
• Chi-square analysis,
• Tests of proportion, and
• Probability distribution.

Statistical analysis methods: In business administration statistical analysis involves several functions such as data collection, scrutinizing etc.

Five statistical analysis methods are as follows:

• Mean,
• Sample size determination,
• Hypothesis testing,
• Regression, and
• Standard deviation

Presenting/ reporting on the results of analyses: It is very important to report the results of analysis in appropriate manner, so that all the efforts turn into something that is meaningful and support decision making process.

Five methods of presenting/ reporting on the results of analyses that are commonly used in marketing are as follows:

• Textual Method,
• Presenting results in audio-visual form.
• Presenting results in form of graphs and charts,
• Presenting results in tabular form,
• Semi-tabular form, and