Assessment Task 2: Project – Market analysis In this assignment I will discuss a business called Nikos. It is located in 17 Barkly Street, West Footscray, VIC 3020. The business has been operating for the past 9 years. It offers products of: • Coffee • Break-fast • Sandwiches • Lunch menu • Pizzas • Play area for kids Executive summary • By analyzing the developments and market trends for their prospective impact on the business. • By using the measures of dispersion or central tendency and correlations between sets of data for quantitative interpretation of comparative market data • Performing qualitative analysis of comparative market information as a basis for reviewing business performance • Analyzing the market performance of potential …show more content…
Identify and use at least two appropriate statistical analysis techniques (such as conversion of leads to sales, correlations between variables, measures of central tendency, time series analysis, etc.) to identify market trends and development based on the data that you have collected. Your report should describe why you selected the statistical analysis techniques to identify market trends and developments. 2 appropriate statistical analysis techniques Why you selected the statistical analysis techniques conversion rate of leads to sales When you know what the value of a lead is, you can determine how many leads you need each month to sustain your business and how much you should pay for advertising. measures of central tendency for average order value 1. It is easy to compute and comprehend. 2. It is not distorted by outliers/skewed data. 3. It can be determined for ratio, interval, and ordinal …show more content…
• Target customers’ age group: 10+, 20+, 30+, 40+, 50+, 60+, 70+ Quantitative analysis techniques Results Result mean in terms of market trends and developments and impact on the business mean 40+ It is one of the most popular and well known measures of central tendency. It can be used with both discrete and continuous data, although its use is most often with continuous data median 40+ The median is basically the middle score for a set of data that has been arranged in order of extent. The median is less affected by outliers and twisted data mode none The mode is the most frequent score in our data set. On a histogram it represents the highest bar in a bar chart or histogram. You can, therefore, sometimes consider the mode as being the most popular option If we choose mean data analysis, or the median data analysis, the customer coming to the business will be 40 or over 40 years old. But if we go for the mode data analysis, the customer could be of any age from 10+ to 70+ • Target customers’ income level: $5000 - $15000 $15000 - $25000 $25000 - $35000 $35000 - $45000 $45000 -
1. For the following scores, find the mean, median, and the mode. Which would be the most appropriate measure for this data set?
The histogram has one spike that shows that high concentration of data values is below this point. This histogram might be representing a seasonal product, which customers are ordering high volume of product until they run out and order one more time. Also it might be showing the histogram of a car brand were less expensive cars are sold frequently, but in average the middle range cars are bringing to the company more capital and high luxury cars are sold more expensive and less frequently.
“You are required to write a report on how marketers use the different methods of marketing research to identify opportunities of the market, segmenting and targeting the market based on the valuable results collected from their marketing research activities.
In this activity you will collect data and then perform statistical analyses to determine measures of central tendency and variation of the data. You will also represent
Standard Deviation of Mean= 0.4762Standard Deviation of Median= 0.7539The standard deviation of the Mean is smaller, which means all of the data points will tend to be very close to the Mean. The Median with a larger Standard Deviation will tend to have data points spread out over a large range of values. Since the Mean has the smaller value of the Standard Deviations, it has the least variability.
The two most significant environmental or physical geographic factors that contributed to the development or expansion of the United States is the California Gold Rush and the Irish Potato Famine. The first most significant factor was the California Gold Rush. Before gold was officially discovered in Northern California on January 24, 1848, Kelly (n.d.) states that the entire population of the California territory was around 25,000. A few years after California was admitted as the 31st state in The Union in 1850, a special census was taken and the population had grown to 223,856. Kelly (n.d.) also states that in San Francisco alone, the population was approximately 800 in 1848 to well over 50,000 at the close of 1849.
Standard Deviation for the mean column is 0.476Standard Deviation for the median column is 0.754Standard deviation for the mean column has least variability
The goal of the analysis is to identify the trend. Retail, rent, for example, used statistical analysis to determine the type of customer data is unstructured and semi-Cola created that can be used to create a positive experience for customers and increase sales.
Nelson Mandela was known as a world leader for his role in fighting apartheid and being the first multi-racial president of South Africa. His presidency created a significant change in the perception and building of a multiracial society in South Africa and around the world. Nelson Mandela was also known to be a leader of a civil rights organization known as the African National Congress. The purpose of the African National Congress was to demolish racial segregation and discrimination. The two most significant social changes made by Nelson Mandela was his uniting of a fiercely divided country and his creation of a truly democratic society in South Africa.
The major emphasis in education for the 21st century is on data driven accountability measured by student performance on standardized testing. National and state expectations require students to demonstrate mastery of curriculum objectives. Instructional objectives are the focus of the building principals to show measurable student progress. The improvements are evaluated based on data and monitoring of the curriculum.
M1: Explain, with examples, how different market research methods are appropriate to assist different marketing situations. Looking back at the market research methods that could be used to collect information, methods such as questionnaires/ survey, observation, focus groups, experimentation, internet, website monitoring etc. I am going to select 3 primary and 3 secondary methods of research from the ones I have written about. I have chosen 3 primary researches which are: •
To begin the statistical analysis of the data provided, we need to present the statistical description of it, take a general look at the means and medians for each sector and test the normal distribution of the data to see if we can undertake any further test.
Currently in South Africa there are 5.26 million people living with HIV. This means that 10% of the South African population is directly affected by the virus and requires us to ensure clear guidelines are in place for the management of HIV (Statistics South Africa, 2013).
5. The arithmetic mean is only measure of central tendency where the sum of the deviations of each value from the mean will always be zero
In order to find the median for IB and Others GPA, I must put the GPAs in numerical order. Since both totals are even numerals, I have to take the mean of the two middle numbers of the set of GPA.