Why and when would you want to use ANOVA in marketing research? Provide an example where...

Why and when would you want to use ANOVA in marketing research? Provide an example where you would use ANOVA.

Please make relevant to MARKETING research!

Expert Solution

SOLUTION;-

Market research involves data collection process by distributing the questionnaires among
specific group of respondents. Further, this collected data is put for different analysis methods to
draw various interpretations. Anova. which is also known as analysis of variance is one of the
statistical model to test the significance difference of means between group of respondents and
then compares the variance of responses within the groups

The reason for using the statistical model Anova is to test whether averages (means) of various
groups in the data set is same or not. For Instance: Consider the set of 50 sample of data. All
these 50 samples are from different genders. Now. Anova test would tell whether the average
respondents of male and female are same or not. This means whether average participants of
female are equal to average participants of male. So, here variance is considered thus, it is
called analysis of variance. The reason we would try to know the means of different groups is tobuild the profile of major users and take decisions based on that.

orchestra answered 2 years ago

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