1. Present the survey methodology and sampling frame A2D Ltd will use for the research (AC 1.2)
- Describe various survey methods to collect Primary Data. Note you can use different methods to collect Data from different Sources.
- What Sampling methods would you like to use to collect Primary Data. Note, you can use different sampling methods for different study group.
- Define the Sampling frame and describe how sampling frame will be prepared for conducting a probability sampling for the proposed market research for A2D Ltd.
Sampling Frame is the list of all the collected Data
- Show how the secondary data will be collected.
Internet, library, magazines and television
2. Design an appropriate questionnaire using both open and closed ended questions A2D Ltd will use for data collection (AC 1.3)
- Prepare around 20 survey questions.
- The Questionnaire should include both open and closed ended questions.
- The closed questions should have a variety of questions styles - Likert Scale, Rating, Semantic differential, intention to buy and dichotomous questions etc.
- Include questions about respondent's profile, buying behaviour (How often they buy -Frequency), likeness, attitudes, sensitivity to price, quality, service, accessibility (Proximity, Postcode) references etc.
- Provide justification for the questions presented.
Use the following formulae to carry out the calculations
Mean
=Average(Data range)
Put the curser in the cells where you want to place the results of Mean.
Go to ‘Formulas'in the main menu, then select ‘More functions'for the menu that appears. Select ‘statistics'from the drop down menu that appears and look for ‘Average' and click. Enter the range of the required sets of data in the dialogue box that opens up and click OK. The result will be displayed in the cell chosen at the beginning.
Mode
=Mode(Data range)
Put the curser in the cells where you want to place the results of Mode.
Go to ‘Formulas'in the main menu, then select ‘More functions'for the menu that appears. Select ‘statistics'from the drop down menu that appears and look for ‘Mode' and click. Enter the range of required sets of data in the dialogue box that opens up and click OK. The result will be displayed in the cell chosen at the beginning.
Median
=Median(Data range)
Put the curser in the cells where you want to place the results of Median.
Go to ‘Formulas'in the main menu, then select ‘More functions'for the menu that appears. Select ‘statistics'from the drop down menu that appears and look for ‘Median' and click. Enter the range of required sets of data in the dialogue box that opens up and click OK. The result will be displayed in the cell chosen at the beginning.
Copy and paste the excel worksheet to your word document. (Your lecturer will let you practice this in class.)
3. Analyse data using representative values
You must analyse the results to draw useful and realistic conclusions and provide valid recommendations to support the board in decision making.
Briefly explain the mean mode and median as measures of location. Compare the mean median and mode and also comment on their merits and demerits.
Interpret the results of the mean median and mode calculated above.
-Compare the results with the last year's sales and advertising expenditure. Is advertising expenditure above or below the average?
-Are last year's sales above or below average? What are the implications for the business?
-Are their any extreme values in the data set?
Conclude which is the most ideal to analyse the data given for you?
-Explain the relation between mean and median data.
4. Analyse data using measures of dispersion Calculate 1 ) range 2 ) interquartile range and 3 ) standard deviation Open an excel workbook and enter the sales and expenditure data and use the formulas ribbon to carry out the calculation.
Use the following formulae to carry out the calculations
First find the maximum and minimum values using the sort functions in excel.
Range
Type in the formula bar
=Cell containing Max value- cell containing Min value
Inter-quartile range
First find Q1 and Q3 using the following steps:
Put the curser in the cell where you want to place the results of Q1 and Q3.
Go to ‘Formulas'in the main menu, then select ‘More functions' for the menu that appears. Select ‘statistics'from the drop down menu that appears and look for quartile-Inc and click. Enter the range of data in the dialogue box that opens up and enter 1 or 3 for quartiles 1 or 3 respectively and click OK. The result will be displayed in the cell chosen at the beginning.
Standard deviation
=STDVA(Data range)
Put the curser in the cells where you want to place the results of Standard Deviation.
Go to ‘Formulas'in the main menu, then select ‘More functions'for the menu that appears. Select ‘statistics'from the drop down menu that appears and look for STDEVp and click. Enter the range of data in the dialogue box that opens up and click OK. The result will be displayed in the cell chosen at the beginning.
5. Quartiles percentiles and correlation coefficient
Quartiles
Describe briefly what are quartiles 1 , 2 and 3 and explain what information they provide for decision making. Relate it to the values of different quartiles you have calculated.
Percentiles
Describe briefly what percentiles and explain what information they provide for decision making. Relate it to the values of different quartiles you have calculated.
Correlation coefficient
-Calculate Correlation coefficient using the excel spread sheet. It follows the same process as for mean, median and standard deviation. -
Put the curser in the cells where you want to place the results of Correlation Coefficient.
Go to ‘Formulas'in the main menu, then select ‘More functions'for the menu that appears. Select ‘statistics'from the drop down menu that appears and look for ‘Correl' and click. Enter the range of both sets of data in the dialogue box that opens up and click OK. The result will be displayed in the cell chosen at the beginning.
-Interpret the result of correlation coefficient between advertising expenditure and food sales.
- Explain its implication to the business.
- Give recommendations to the business for the way forward.