Assessment 1 – Question and Answer

1. How would you use the following statistical analysis techniques to analyses market trends?

a Conversion rate of leads to sales
The conversion rate of leads to sales is very common way of measuring marketing performance. The mail advantage of this measuring is to track customer numbers and receipts, to gather data automatically. Sales conversion is also a good place to begin discussion of statistical analysis and its application. This measure is perhaps the simplest to define. This is the percentage of sales leads that and organization is able to convert into sales

b Average order value or average response rate
A good example of measure central tendency is a figure such as average order value. This figure would look at the order value of all your customers and use it to determine how much on an average your customers tend to spend in your establishment which is usually available and stored into your accounting systems.

c Sampling * A sample is the group of people who take part in the investigation The people who take part are referred to as “participants” * Sampling is the process of selecting participants from the population. * The target population is the total group of individuals from which the sample might be drawn. * In some types of research, the target population might be as broad as all humans, but in other types of research the target population might be a smaller group such as teenagers, elderly, adults. * It is more or less impossible to study every single person in a target population so researchers select a sample or sub-group of the population that is likely to be representative of the target population we are interested in one method example is by conduction surveys and questionnaires.

2. Take your own organization or a business of your choice. What current market trends do you think will pose the biggest impact on this business and why?

3. What are the measures by which you can drive the Central Tendency? Explain briefly the best way to measure dispersion.

Measures of central tendency: Another very simple and common statistical analysis includes Mean, Mode, Median

Mean, median and mode are three kinds of “Averages” There are many “Averages” in statistics, but these are, I think, the three most common, and are certainly the three you are most likely to encounter in your pre-statistics courses, if the topic comes up at all.

The “mean” is the “average” you’re used to, where you and up all the numbers and then divide by the number of numbers.

The “median” is the “middle” value in the list of numbers. To find the median, your numbers have to be listed in numerical order, so you may have to rewrite your list first.

The “mode” is the value that occurs most often. If no number is repeated, then there is no mode for the list.

4. Give an example of how you will perform a quantitative review of the business performance using comparative market information?

5. give an example of how you will perform a qualitative analysis of the business performance using comparative market information?

6. Discuss briefly how you would identify potential opportunities or threats, while analyzing the market performance of existing and potential competitors and their products or services.

What tool will you use for this analysis.

7. Name any two ways in which data can be represented?

8. Explain with suitable examples the relationship between forecasting and marketing trend data

9. Write a brief note on the following regulatory and legislative bodies which will have an impact on the business

marketing codes of practice and conduct such as the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice

privacy laws

Trade Practices Art

10. Explain with suitable examples how you would identify an over performing and underperforming product of a company?

11. Give at least 4 examples pf tools that can be used to visually present the statistical data? How could they be used in a business environment?