Data Analysis & Statistics Flashcards
6 cards from real Market Research practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Data Analysis & Statistics flashcards as text
What is 'cluster analysis' used for in market research?
Answer: Grouping respondents with similar characteristics into distinct segments
Cluster analysis is an unsupervised technique that groups respondents based on similarities across multiple variables, commonly used for market segmentation.
In conjoint analysis, what are respondents asked to do?
Answer: Rank or rate product profiles to reveal attribute importance weights
Conjoint analysis presents respondents with product profile trade-offs to statistically determine the importance weights they place on different product attributes.
What does a 'confidence interval' represent in market research?
Answer: A range of values within which the true population parameter likely falls
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%.
What is 'discriminant analysis' used for in market research?
Answer: Predicting group membership based on a set of predictor variables
Discriminant analysis is a classification technique used to predict which group a subject belongs to based on multiple predictor variables.
What is the purpose of 'weighting' data in market research analysis?
Answer: To adjust the sample to better represent the target population's demographics
Data weighting adjusts the influence of survey responses to ensure the sample's demographic composition matches that of the target population.
What is 'perceptual mapping' used for in market research?
Answer: Visualizing consumers' perceptions of brands relative to competitors on key dimensions
Perceptual mapping creates a visual representation of how consumers perceive competing brands on two or more attributes, revealing positioning opportunities.