In the 1970s, Dutch economist Peter H. van Westendorp introduced a simple method to assess consumers’ price perception. It is based on the premise that there is a range of prices bounded bya maximum that a consumer is prepared to spend and a minimum below which credibility is indoubt. The Price Sensitivity Meter (sometimes called …
Category: Statistics
Standard Error
If you measure a sample from a wider population, then the average (or mean) of the sample will be an approximation of the population mean. But how accurate is this? If you measure multiple samples, their means will not all be the same, and will be spread out in a distribution (although not as much as …
Analytics used in statistics for MR – B2B International
The following blog is on the various statistical techniques applied in market research and is by B2B International. There are a number of various analytical techniques used in market research like: correlation analysis, regression analysis, factor analysis, cluster analysis, correspondence analysis (brand mapping), conjoint analysis, chaid analysis, discriminant/logistic regression analysis, multi dimensional scaling, structural equation …
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Difference between Z-test, F-test, and T-test
A z-test is used for testing the mean of a population versus a standard, or comparing the means of two populations, with large (n ≥ 30) samples whether you know the population standard deviation or not. It is also used for testing the proportion of some characteristic versus a standard proportion, or comparing the proportions …
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Inferential Statistics
Suppose you have the task of adding up long list of numbers - perhaps your daily expenditures over a month. You do your sum and get a particular result. But you're not sure whether you got it right. You may have made a mistake in adding or punching in the numbers if you were using a calculator. What do …
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