Montana State BMKT 342R exam 2 Questions and Answers 2024;full solution pack

What are the 5 basic types of Statistic analysis - Answer-Descriptive analysis, inference analysis, difference analysis, associated analysis, and prediction analysis Descriptive analysis - Answer-used by marketing researchers to describe the sample dataset in such a way to portray the "typical" respondent and to reveal the general pattern of responses Inference analysis - Answer-used when marketing researchers use statistical procedures to generalize the results of the sample to the target population is represents. difference analysis - Answer-used to determine the degree to which real and generalizable differences exist in the population. Helps the manager make a decision on which marketing theme to use. associated analysis - Answer-investigates if and how two variables are related predictive analysis - Answer-statistical procedures and models to help make forecasts about future events. Correlation - Answer-the relationship between two quantitative measurements. It shows the strength and direction of a linear relationship. It does not tell us anything about causation or anything about nonlinear relationships. -1 to +1. Small interpretation of correlation - Answer-ranges between 0.1 and 0.29 Medium interpretation of correlation - Answer-ranges between 0.3 and 0.49 Large interpretation of correlation - Answer-ranges between 0.5 and 1 Introduction of questionnaire - Answer-This is where incentives are offered to do something for the respondent to increase the probability that the respondent will participate in the ning questions - Answer-These are used to ferret out respondents who do not meet qualifications necessary to take part in the research study Question flow - Answer-the sequencing of questions or blocks of questions, including any instructions, on the questionnaire warm-up questions - Answer-simple and easy-to-answer questions transitions - Answer-used prior to major sections of questions or changes in question format. It notifies the respondent that the subject or format of the following questions will change. what are treated as representing two potentially different populations - Answer-independent samples Null Hypothesis - Answer-The hypothesis that the difference in population parameters equals 0. (no difference) Why are differences important - Answer-Market segmentation is based on differences between groups of consumers What does it mean when the differences are statistically significant? - Answer-The difference found in the sample(s) truly exist in the population(s) from which the random sample(s) were taken What does it mean for differences to be meaningful? - Answer-The marketing manager could potentially use the differences as a basis for marketing decisions. What does it mean for the difference to be actionable? - Answer-the marketer can focus various marketing strategies and tactics on the market segments to accentuate the differences between segments. When are statistical tests used - Answer-when a researcher wants to compare the means or percentages of two different groups or samples.When is a t-test used? - Answer-when the sample size is small, usually less than 30 When is a z-test used? - Answer-When the sample size is greater than 30 Empirical rule (68-95-99.7) - Answer-68% of the data falls in 1 standard deviation (SD) of the mean. 95% falls within 2 SDs. 99.7% falls within 3 SDs. Statistical Inference - Answer-a set of procedures in which the sample size and sample statistic are used to make an estimate of the corresponding population parameter. what are the two types of statistical inference - Answer-Parameter estimate and Hypothesis testing Parameter Estimate - Answer-used to approximate the population value through the use of confidence intervals. Hypothesis testing - Answer-used to compare the sample statistic with what is believed to be the population value prior to undertaking the study