Statistics provide the frameworks for quantitative studies in marketing analytics and research. They are the guard rails that reveal the significance and accuracy of the results.
Statistical techniques enable the application of various methods (Exhibit 33.1) such as perceptual maps, cluster analysis, factor analysis, regression, and market response models. These techniques facilitate in-depth analysis and provide visual representations of the data.
This chapter reviews the statistical techniques and frameworks that are relevant to the research and analytics methods in marketing, including probability theory, Bayes theorem, discrete and continuous data distributions, hypothesis testing, ANOVA, correlation, regression, and factor analysis.
Other chapters in this text also delve into statistical techniques within specific contexts. For instance, Chapter 3, Segmentation (Volume I), discusses cluster analysis in the context of segmentation, Chapter 10, Product Design (Volume II), explores conjoint analysis, Chapter 16, Price (Volume II), covers discrete choice models, Chapter 34, Sampling, focuses on sampling methods and statistics, and Chapter 35, Marketing Mix Modelling, discusses marketing response models.
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