Definition of Data Analysis Techniques
Various types of Data Analysis Techniques are being used in Marketing Research by brand marketers to attract the attention of consumers. Some of the techniques that can be stated are like Choice Modelling, Cluster Analysis, Conjoint Analysis, Cross Tab and Multi-Dimensional Scaling.
There are a number of infotainment websites and online encyclopedias like Wikipedia that display web pages consisting of a list of these Data Analysis Techniques that are utilized by brand or product marketers in marketing research. Such techniques provide assistance to marketers in framing appropriate marketing strategies for publicizing and selling their products and services.
Textbooks on Data Analysis Techniques
There are a number of textbooks that are written on the topic of Data Analysis Techniques by renowned authors. The details of some textbooks have been stated as follows:
- Marketing Research by Schmidt (Published by Pearson Education India – Year 2007).
- Using Market Research to Improve Management of Transportation Systems, Issue 329 by Susan Cowan Jakubiak and Richard R. Mudge (Published by Transportation Research Board – Year 1990).
Examples of Data Analysis Techniques
Example 1: An interesting example of Data Analysis Techniques is that of Choice Modelling. This technique tries to model upon the decision process of a segment or individual with respect to a particular context. This technique may be utilized to take an estimate of non-market costs and advantages that are related to the environment. Choice Modelling can be utilized in many fields of academics and professional set-up like Sociometrics and Econometrics.
Example 2: Another interesting example of Data Analysis Techniques can be Conjoint Analysis. In this Statistical technique, marketers try to determine the way people value various features that construct an individual service or product. The main target of this technique is to determine the combination of a fixed quantity of characteristics that is most influential on decision making or choice of the respondent.
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