- May 19, 2020
Company Analysis Review
Explain how an advertising agency or marketing firm would use statistics?
One way that marketing uses statistics is to show the ascertain ofmarket inclinations, and also to quantify and appraise theprospective and accomplishment of the marketing program. According toSandilands (2016), statistics help the vendor or the publicizingagency to accomplish both of their goals as well as estimate theaccomplishment of the presentation effort and provide statisticalinformation on which to ground the changes to the promotion program.Additionally, marketing agency uses statistics on householdparameters to target consumers for commissioned promotions.
Describe when you use mean, median and mode?
Application of mean is only appropriate in the marketing agency whenit is only used to measure the sense of interval and ratio scale ofmeasurement. The mode is used as the only measure of centerappropriate for simple data. In this case, if the marketing companyis looking for the most purchased item in the year 2010, it will notmake sense to consider median or mean of the item, however, it makesclear sense that the most modal item purchased was, for instance,Samsung mobile. Finally, average is appropriately used by marketingfirm to measure the ordinal variables (Gudpa, 2003).
Describe the differences between parametric and non-parametric tests and how you would use them in an advertising or marketing firm?
When an information of a particular company is known using itsparameters, then the statistical parameter is referred to as theparametric test. They include T-test, Z-test, and ANOVA test. On theother hand, if there exist no knowledge about an individual firm orpopulation, however, if it is still required to verify the hypothesisof the company, then it referred to as non-parametric test (Gudpa,2003). The non-parametric test can be used by the marketing firm toverify the interaction in the analysis in the variance model. Also,it can be applied in the ordinal scale in marketing. Separately,parametric test can be used by marketing firm because it assumes theparameters of mean and standard deviation (Gudpa, 2003).
Why is validity an important concept in statistics?
Validity is a significant concept in the field of statistics in thesense that it implies precise and accurate results from the datecollected (Gudpa, 2012). In this case, if the data collected isaccurate and precise, then proper and correct conclusions can bedrawn from the sample that is assumed from the general populationthat follows the agreement of statistical and scientific laws.
Why is significance an important concept in inferential statistics?
Inferential statistics is used to make a generalization from a sampleof a given population. Therefore, significance helps to identifyadditional information in the sense that the upper and lower limitsof an interval provides a piece of information on how big or smallthe actual effect might plausibly be (Gudpa, 2012).
Why is the speed of a baseball a ratio measurement?
The speed of a baseball after being hit by a baseball bat is anaccurate and most commonly assessment of an inning performance in thefield ratio measurement. In this case, if we assume the speed ofbaseball bat and before the collision to be equal to baseball afterhit, then the ratio of the speed which the ball exits the collisionwill be the same. For instance, the faster the bat the faster thebattered ball speeds. This makes the speed of a baseball a ratio ofmeasurement.
What are the characteristics of the normal curve?
Some of the common characteristics of a standard curve include:first, the variables that deal with size are often normallydistributed. Secondly, a typical curve is bell-shaped and unimodal inappearance. Third, normally is symmetrical about its center, and meanoccupies the center. Fourth, the form of the curve regarding itsshape (skewness) and height (kurtosis) depend upon the average andthe standard deviation, the latter two also are the primary unit ofmeasurement along the value scale. Finally, because of symmetry, it’smeasures of the central tendencies are identical so that the mean,median, and mode coincide (Doty, 1989).
Doty, L. A.(1989). Reliabilityfor the technologies.New York, N.Y: Industrial Press.
Gupta, S. K.(2012). The relevance of confidence interval and P-valuein inferential statistics. IndianJournal of Pharmacology, 44(1),143–144. http://doi.org/10.4103/0253-7613.91895
Gupta, S. L.(2003). Marketingresearch.New Delhi, India: Excel Books.
Sandilands, T. (2016). How are Statistics Applied in Marketing?Houston Chronicle. Houston, Texas.