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Gke1 Task 2

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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 -

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