Market research process - data analysis and interpretation (1 Viewer)

[Michaelmoo]

Ok. I'm referring to the dot point that reads "Market research process". Under it, lies the three steps:

• Determining information needs
• Data collection (primary and secondary)
• Data analysis and interpretation.

I've covered the first two of these points quite well. But I can't seem to find any detailed information on data analysis and interpretation. To me it seems like a more specific process.

All I can find is something along the lines that data thats been gathered then needs to be analysed and interpreted. This draws conclusions and is then given to management, who will decide on the most appropriate procedure.

1. Is this enough to cover this dot point?
2. Have they ever asked a question/required an answer with a more detailed response to this dot point?
3. Does anyone have/where can I find any further information?

Thanks in advance.

 

[Prashant Sallan]

3. Analysing and Interpreting Data

• Statistical Interpretation Analysis is the process of focusing on the data that represents average, typical or deviations from typical patterns
• First Step in drawing conclusions is to Tabulate data, display in table format
• Cross-tabulation will allow comparisons to be made between individuals categories

Thats what i have.

 

[Michaelmoo]

3. Analysing and Interpreting Data

• Statistical Interpretation Analysis is the process of focusing on the data that represents average, typical or deviations from typical patterns
• First Step in drawing conclusions is to Tabulate data, display in table format
• Cross-tabulation will allow comparisons to be made between individuals categories

Thats what i have.

Thats actually more than I have. Where did you get this information? Classwork or a textbook>

Thanks

Does anyone else have any other sources/information? The bibi doesn't have much information either.

 

[Prashant Sallan]

Thats actually more than I have. Where did you get this information? Classwork or a textbook>

Thanks

Does anyone else have any other sources/information? The bibi doesn't have much information either.

Ye, this is directly from my notes, which i made from classwork, and the business studies in action textbook.

 

[bongoli]

Thats actually more than I have. Where did you get this information? Classwork or a textbook>

Thanks

Does anyone else have any other sources/information? The bibi doesn't have much information either.

5 years later.............

Analysing and the interpretation of data is the final stage of market research. This involves researchers looking for relationships within the raw data sheets in order to develop meaning from the statistics. This interpretation provides the fundamental basis for understanding data and effectively assists managers during decision-making in regard to making a marketing plan and the direction of the business. This analysis is also important to distinguish where the marketing strategies implemented are aligned to the needs and wants of a consumer.