Market Research Data Analysis & Statistics 2

Question 1

What is 'cluster analysis' used for in market research?

Accepted Answer

Grouping respondents with similar characteristics into distinct segments

Answer

Cluster analysis is an unsupervised technique that groups respondents based on similarities across multiple variables, commonly used for market segmentation.

Question 2

In conjoint analysis, what are respondents asked to do?

Accepted Answer

Rank or rate product profiles to reveal attribute importance weights

Answer

Conjoint analysis presents respondents with product profile trade-offs to statistically determine the importance weights they place on different product attributes.

Question 3

What does a 'confidence interval' represent in market research?

Accepted Answer

A range of values within which the true population parameter likely falls

Answer

A confidence interval provides a range within which the true population parameter is estimated to fall with a specified level of confidence such as 95%.

Question 4

What is 'discriminant analysis' used for in market research?

Accepted Answer

Predicting group membership based on a set of predictor variables

Answer

Discriminant analysis is a classification technique used to predict which group a subject belongs to based on multiple predictor variables.

Question 5

What is the purpose of 'weighting' data in market research analysis?

Accepted Answer

To adjust the sample to better represent the target population's demographics

Answer

Data weighting adjusts the influence of survey responses to ensure the sample's demographic composition matches that of the target population.

Market Research Practice Test

Market Research Practice Test

Market Research Data Analysis & Statistics 2