Multivariate techniques, assignment help (1500 words)

May 10th, 2016
Price: $30 USD

Question description

I just need 1500 words on this individual portion paper apa format and 2 references


Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

A high-end market research firm has contacted your boss and is trying to sell some business to your organization. Upper management does not want to appear incompetent, so they have asked you to research and explain three major ways multivariate statistics are used in a business.

Small Group Discussion Research the Library and provide at least 1 example of how a real company has used each of the following multivariate techniques: factor analysis, multi-dimensional scaling, and cluster analysis. Companies that provide statistics software websites and market research firm websites usually include case studies and customer testimonials.

Read the postings of all group members and decide as a group which technique is preferred by the group and which example best illustrates the use of this technique.

Use the Small Group Discussion Board for your comments.

Individual Portion

For the individual portion of this project, on your own, write a 1500-3000 word summary explaining to upper management the chosen multivariate technique, how it is different than the other 2 techniques, how at least one other real-life company has used this technique to address a business problem and how that technique might be used at your own organization.

Tutor Answer

(Top Tutor) Kelvin B
School: New York University

Multivariate analysis is mostly used in applications that wish to establish a relation in peoples’
behavior to certain factors. Multivariate analysis is very crucial to businesses, especially the
marketing departments that have to constantly do market researches. Multivariate analysis is
used when a number of variables are to be measured on individual units in a sample population.
Majority of the business problems by nature have multiple dimensions meaning that the
managers are interested in diverse aspects of the customers, purchasing behaviors, as well as the
competitors’ brands. The managers may be interested in consumer aspects such as their
distribution, class, lifestyle and shopping habits.
Multivariate techniques are categorized into: factor analysis techniques, multi-dimensional
scaling techniques, and cluster analysis techniques. Factor analysis focuses on procedures that
minimize large data variables in to reduced variable groups. The techniques applied end up
summarizing the data into easy to work with data. Factor analysis is efficient in determining the
causes of correlations between groups of variables. An example is in the determination of
observable characteristics in people who frequent the shops in the stylish retail stores.
Factor analysis is also applicable if there exists uncorrelated variables. In situations where a new
variable is introduced to replace an old one, the new variable is uncorrelated with the older
variables. Therefore, factor analysis has to be done afresh. For example, a characteristic may be
used as an independent variable to show the cause of discrepancies in age based purchases from
the stylish retail stores. Organizations use factor analysis to explain how employees are engaged
to their work in the organization.
The second technique, multi-dimensional scaling is used in applications where the researcher
wishes to visually represent the individual’s beliefs and preferences. The variables that influence
the beliefs and responses towards a product are mapped clearly on the axes where they are easily

visible. Discrimina...

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