I want assistance with the questions illustrated below.
Question 1. If you were to conduct market research for you company, how could you identify data as invalid? If questioned by your manager about the market research results, how would you explain central tendency or the difference between mean, median, and mode? How are each of these important to your company from a marketing research perspective?
Question 2. You just spent three months conducting market research, your management team has asked how soon you can make a presentation with your recommendations. Explain the steps involved with hypothesis testing to your management team so they will be comfortable providing you more time to complete your research project. If questioned by your manager, how would you explain the difference between a Type I and a Type II error (provide an example from your industry)? How are each of these important to your company from a marketing research perspective?
Question 3. Assume you are the Director of Marketing for a medium-size corporation, and that you are considering launching a new product into your existing market. You have conducted a large marketing research campaign resulting in 5000 completed surveys indicating preferences related to your proposed product's characteristics, price, and distribution channels. Discuss how you will proceed to analyze and interpret the data.