Question

Give an example of a business question that could be answered through hypothesis-driven statistical methods (i.e., correlations, t-tests, regression analysis, and other methods you studied in your statistics course). These tend to be fairly simple, well-defined questions about comparisons and relationships in the data, such as which of two marketing slogans generates more sales. If you were the analyst, which statistical method would you use to answer this question?

Answer 1

ANSWER::

Example of a business question that could be answered through hypothesis-driven statistical methods is

The cosmetic department of a supermarket wishes to find out that if there is a significant difference in the shopping behavior of the cosmetic products between male and female customers based on pricing, packaging, quality, substitute product, advertising. The department also wants to estimate the customer satisfaction level and compare the satisfaction level among the customers. Which statistical analysis methods can be used in this case?

In this case, we assume that the data is distributed normally and if we take a sample of the 30 customers in the supermarket, the statistical tools we will use are as follows-

1. Factor Analysis- In this case, we can see that which of the factors mentioned i.e. pricing, packaging, quality, substitute product, advertising are influencing the customer to buy a product.

2.Correlation- This analysis is done to find out the relation or measure between two continuous independent variables. We can find out whether the above factors are correlated with each other.

3. Regression- By this analysis, we try to find out the effect of the independent variable on the dependent variable. The significant factors from the factor analysis that constitutes the independent variable. Overall satisfaction level form the dependent variable. In the end, a regression equation model is formed to display the whole analysis.

4.T-test - This statistical test is used to find out the difference between the means of the two groups. For this, we have to first find out the mean and standard deviation of the two groups. In this question, we can find out whether there is a significant difference between the shopping behavior of the two groups.

5. ANOVA- There are two types of Analysis of Variance ie.one independent and one dependent variable and two or more independent and one dependent variable. This test is used to compare the variance between the two groups. In this analysis independent variable is categorical, whereas the dependent variable is continuous. In this case, the difference in satisfactional level can be estimated based on age, qualification, income. In one way ANOVAone independent variable is used, whereas in Two way ANOVA, two or more independent variables can be used.

To find out which slogan cause more effectiveness, we can use regression analysis as a research analyst. We can take Overall effectiveness as a dependent variable in the case of both the slogans. The independent variable constitutes of the factors in each the slogan that affect the overall effectiveness level. After performing two separate regression analyses, we compare the results to find out the effectiveness of the slogans. We can also use t-test of the F-test to compare the results.

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