Unit 22: Market Research BTEC Business level 3 Extended Diploma In this assignment, everything is explained clearly and linked to the the chosen brand (Maybelline). this will give you Distinction in your assignment guaranteed distinction.
Analyse and present market research findings and recommend process
improvements
Statistical Analysis and data
Mode:
Mode is the number that occurs most frequently in the data known as mode. Finding
mode is beneficial for Maybelline as it helps Maybelline to find what happens most
often, It will also help Maybelline in analysing prices, most of the sales occur at a
particular list price or possibly at a reduced, sales price. This will allow Maybelline to
be aware of the statistical analysis and data of the business. Maybelline could use
this method in order to determine the buying trends of the consumers. For example
Maybelline can use mode to see how many consumers have purchased their
products. Moreover mode is helpful for Maybelline as it is less time consuming and
easy to understand and calculate. To find out the sales price, mode helps to estimate
the most frequently purchased items and occurring value.
Median
The median is the value that is in the middle of the list of values when the values are
listed in order of size. The median is essential for Maybelline because it indicates
where the dataset's centre value is located. This will assist Maybelline to analyse the
close to the average salary commonly paid, without taking the extreme values into
consideration. Median is easier and efficient to calculate for Maybelline, Maybelline
could use this method for example in order to find out the top trends among all
competitors, Maybelline could achieve this by measuring and listing all the top
brands in order and their trends which will lead Maybelline in resulting to the central
tendency brand among different brands.
Mean
A mean is a data point that is the average of all the data points in the set. It is the
arithmetic average of the data set, which is determined by adding all of the data
points together and then dividing by the number of data points in the data set. As
long as the external elements stay constant, this could help Maybelline provide the
average cost and strong basis for projecting future expenses.
Range
The range of the data in statistics is the range from the least to the greatest value in
the population. This allows Maybelline to differentiate between the maximum and
minimum prices throughout the duration of a trading period for example day, month
and year. Maybelline could use range in order to find out the range of products their
competitors are selling and as well as the monthly revenue Maybelline is making
from their sales of products.
, Learning Aim C Unit 22
Mode N/A
median N/A
mean 50
Range 20
This graph shows the results of people who are most and least likely to buy false
eyelashes from Maybelline. I asked this question to 100 people in order to obtain a
large amount of data by giving questionnaires to 100 people. The reason why I
asked questions from 100 people is because it helps me to analyse the data more
efficiently. Another reason why I decided to collect the data from 100 people is
because more people will answer more relevant data I will be able to receive. To
enter the false eyelashes market, this type of questionnaire will help Maybelline to
understand how many people are interested in buying false eyelashes from
Maybelline. This questionnaire would assist Maybelline to determine their brand
recognition and brand image. As this data shows that 40 people are least likely to
buy false eyelashes from Maybelline and 60 people are most likely to buy false
eyelashes from Maybelline, this enables Maybelline to do more research on their
current market strategies and develop them by doing advertising and spreading
awareness about the brand so Maybelline would be able to enter into the new false
eyelashes market easily.
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