Marketers must know and understand their customers and market. Decisions should flow from timely and adequate marketing intelligence and enquiry processes. Data, which is the lifeblood of decisions, needs to be acquired, accessed, analysed and applied. The analysis needs to be founded on sound statistical principles if inferences are to be made and insights given credence. As such, an awareness and knowledge of basic statistical issues and methodologies is paramount. The learner will have an opportunity to apply these methods and to develop skill and competence in this regard.
Exploring Marketing relationships – Correlation and regression.
Business Forecasting – Time series analysis.
Index numbers.
Theory and application of Sampling Theory (confidence intervals).
Statistical Decision Theory - Hypothesis testing for large and small samples.
Generalising from sample surveys – Chi-square test for goodness of fit and contingency tables, ANOVA
A variety of learning methods will be used in presenting this module. In short, the strategy is one of directing the student into a practitioner mode and encouraging a confidence and interest in the techniques and tools by presenting career relevant examples and tasks. It will center on lectures, simulations and problem-solving exercises.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |