Mgmt600 1002 A 03 Ph1 Ip1 D Cardillo

Concepts and TerminologyDebby Cardillo

Concepts and Terminology

Debby Cardillo

Colorado Technical University

April 9, 2010

MGMT600-1002A-03 –PH1IP1

Instructor: Dr. Claude Superville

Introduction

A new more cost efficient formula by Company W has been developed for one of their snack foods. Prior to release to the general public I have suggested it be tested. You strongly advise an unbiased random sampling of consumers be given this opportunity. Let us take a look at the types of data we can gather.

Understanding Data

• Qualitative• Taste• Appearance• Availability

• Quantitative• Nutritional value• Servings per container

Understanding Data

• Nominal data• Categorized by name• Numbers are symbols

• Ordinal data• Numbers have meaning• Positioning has value

More Data

• Interval data• Affixes a position within a series• Points within a series not necessarily related• Assigns a value to each selection on a scale

• Ratio data• Relationship between points on a scale• Identifying types of data is important• Provides ability to interpret data

Ordinal Data

• Five point rating scale:1. = Definitely affects decision to buy again

2. = Slightly affect your decision to buy again

3. = No affect either way

4. = May affect decision to buy again

5. = Will definitely not purchase again

Population vs. Sample

• Population – all subjects being studied • Sample – a subset of the larger group

Population Sample

Recommendation

• Suggested population test market• Within our target market• Generation X (1961-1981)• Generation Y (1982-1995)

References

Adams, K. & Brace, I. (2006). Introduction to Market & Social Research : Planning & Using Research Tools & Techniques. Kogan: Philadelphia, PA

Bowerman, B. Murphee, E. O’Connell, R. & Orris. J. (2010). Essentials of Business Statistics. McGraw-Hill. New York, NY.

Donnelly, R. (2004). The Complete Idiot’s Guide to Statistics. Alpha Books. New York, NY.

Koch, G. & Waterstraat, F. (2000) Basic Allied Health Statistics and Analysis. Albany Thomson Delmar Learning. .

McNeil, R. (2005) Business to Business Market Research : Understanding and Measuring Business Markets. Market Research in Practice Series: Kogan Sterling, VA