Basic Statistics
Exhibit 33.0 Statistics provide the frameworks for quantitative studies in marketing analytics and research.
Statistics provide the frameworks for quantitative studies in marketing analytics and research. They are the guard rails that reveal the significance and accuracy of the results.
Statistics support techniques such as perceptual maps, cluster analysis, factor analysis, regression, and market response models, which permit deeper analysis and provide for visual representation of the data.
This chapter reviews the statistical techniques and frameworks that are of relevance to the research and analytics methods, including probability theory, Bayes theorem, discrete and continuous data distributions, hypothesis testing, ANOVA, correlation, regression and factor analysis.
Statistical techniques are also covered in some of the other chapters in this text. For instance, cluster analysis, in the context of segmentation, in Chapter Segmentation, conjoint analysis in Chapter Product Design, discrete choice models in Chapter Price, sampling methods and statistics in Chapter Sampling, and marketing response models in Chapter Marketing mix Modelling.
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