Market Research: Logistic Relationship Answers Assessment Answer
Answer:
Collecting Primary and secondary data
To ensure that the data collection process and measurement systems are stable and reliable several crucial steps are to be followed by Facelift bungee.
The company needs to incorporate the following steps into data collection plan.
Pre-data collection stage
During data collection
Post-data collection
Pre-data collection
Objective of the Organisation:
The objective of the company is to launch in United Kingdom and establish itself successfully.
Purpose of the research:
As the product Facelift Bungee is already popular the company wants to research about the frequency at which the product is used by the customers.
Data collection will take place at UK-London/Manchester/Lanchester/Scotland/Riverpool
Interview sample in each major city-100
Types of data:
Primary Data and Secondary data
Mode of Data collection
Primary Data: use of primary data collection is that the researchers collect the data themselves. It helps to also note the expressions and gestures of the subject; which is missed out in secondary data collection method. Use of multiple sources of primary collection is required. The sources used will be Interview, Surveys and Questionnaire technique.
Secondary Data: the data of sales and enquiries, financial data, transport data and storage data of company’s existing customers in UK will be utilized, along with data from existing market research done on cosmetics sector would be utilized.
Collection of secondary data will take place from “MM/DD/YY” to “MM/DD/YY”
Data management and evaluation is very critical, as it helps the researchers to clear out misunderstandings and after analysis of the data collected it can be converted into useful information-used for decision making process. (Phillips & Stawarski, 2008)
Use of quartiles, percentiles and correlation coefficient
The statistics use for analysing the collectd data enhances efficiency and effectiveness of a business decision. Quartiles mean fourth of a data set. The data are arranged in increasing order that is from lowest to highest and then divided into groups of four, one gets quartiles. Thus one, two and three quartiles are derived which are then calculated using the methods used to calculate median. (Ott & Longnecker, 2008)
A certain percentage of a set of data is a percentile. How many given set of data fall within a certain percentage set are observed using percentiles.
Correlation Coefficient is the relationship between two variables.
The use of correlation coefficient, quartiles and percentiles a business can investigate the determinants of sales, the variations in prices, incomes, product, tastes and preferences. The nature of the relationship can be used to test the goodness of fit. Forecasting can be done with the use of these statistical tools. The use of thee tools in research helps to measure and interpret the strength of a logistic relationship between prices and sales of a product or a service. (Federer, 1991)
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