Discussion Questions Essay Example | Topics and Well Written Essays - 1250 words

Discussion Questions - Essay Example The company collects this information through market research, as well as using other market parameters such as product demand, uniqueness of materials used, and the differentiation strategy adopted by the company. All this data collected by field market agents is used for marking production as well as determining the right marketing mix strategies to adopt (Tanner & Youssef–Morgan, 2013). Levels It is always important for mangers to consider dispersion of characters when making decisions based on certain data collected in the field. This is because these particular dispersions are the common loopholes that competitors use to bring down the company, or gain upon its structures and market control. The best parameters to use when making decisions is consideration of both the consistency as well as the variability of the data used for analysis (Kotter, & Dan, 2002). This data is usually direct from the field, and as such, a clear representative of what is happening on the ground. Therefore, it is very wrong for a manager to disregard this data and only use cumulative or summarized data when making decisions. These managers also need to take into consideration the causes and effects of the variations recorded in the collected data. T-Tests The use of a single sample mean test in business usually results mostly in a perfect competition market. This market has no controls or barriers to entry or exit of the market due to the huge similarities of the goods sold and bought within these markets. This is also because all the participants or stakeholders in the market are aware of the parameters within which the market operates, as such; a single sample is a potential representative of a huge percentage of the market. In addition, the use of a two-sample t-test is usually common in market structures with same or similar characteristics (Tanner & Youssef–Morgan, 2013). Variation Variations usually occur in my place of work due to the market structure that our company operates in. the company is in a perfect competitive market whereby goods and services are similar. As such, the bets strategies for a company to use in attracting new customers is adopting a differentiation strategy by developing a different variety of goods and services that appear unique in the market. As such, the company manages to make more sales volumes as customers will flock to its premises with the presumption that they are buying something new, or getting new value for their money. For instance, the company uses color changes, especially in packaging of products, and language twists, i.e. using big words to describe small things. This creates a concise image in a consumer’s mind, making him or her desire to have the product, which then leads him to searching for it at the company’s stores (Tanner & Youssef–Morgan, 2013). ANOVA Comparisons that usually require more than two samples are those with have a high sense of similarity. For instance, a good comparable situation is whereby there are two people working for the same company. These two people have the same type of qualifications, the levels of education, as well as the same positions and amount of compensation packages from the company. However, the differences in the social development and investment infrastructure of these individuals are usually very different. One of the parties can be a rich and prosperous person in the society, owing to