Market research pt1

MEAN

Calculated by totalling all the results and dividing by the number of results.

USES:

The mean can be useful when the range of results is small. This could be used to determine pre order levels.

ADVANTAGES : Includes all data, widely used and easily understood.

DIASADVANTAGES : The mean is affected by one or two extreme results, It is commonly not a whole number.

The value that occurs most frequently in a set of data.

USES:

The result could be used for stock ordering purposes.

ADVANTAGES:

It is easily observed and no calculation is necessary. Easily understood as the result is a whole number.

DISADVANTAGES:

The mode does not consider all of the data and thus it cannot be used for further statical analysis. there may be more than one modal result.

The value of the middle item where data have been ordered or ranked. It divides the data into two equal parts.

USES : Could be used in wage negotiations

           : Often used in advertising

ADVANTAGES: Less influenced by extreme results

DIASADVANTAGES: An element of inaccuracy, the value is approximated if there is an even number of results.

It cannot be used for further statistical analysis