(Too Early or Too Late) Friday Questions

Usually on Fridays, a question from a Principle of Marketing student gets posted. On Monday, several questions are being answered for either a very early or very late Friday questions.

What is an example of a nice graph to use in our PowerPoint?

Robin Williams includes some examples in her book on layouts for the non-designer. Stephen Few's blog and books also discuss this concept. You should be able to find William's book at the Otterbein library and Few's books through interlibrary loan.

By clicking on the "Samples" link under the "MKTG3100" heading, you will find five reports that serve as good guides for design including tables, and graphs.

I need more Excel knowledge (e.g., step by step, how to run different formulae, etc.).

For step-by-step instructions, there are dozens of videos posted on YouTube. If you search for a topic such as "correlation in Excel," "Poisson distribution in Excel," or "scatter chart in Excel," then you will receive several recommendations. You will need to watch a few to determine the video that best suits your needs.

I want to know how to do correlation metrics in a form of charts and graphs and Excel.

An X-Y scatter plot should provide some insight. Also, you should look at the chandoo Excel blog for instructions, suggestions, and guides on using various pieces of Excel.

When a cluster analysis does not work, is there another effective way to segment the market without an undifferentiated approach?

First, consider theory. How or why would there be a difference in the market? In the Kirin and Dell cases, no one is more likely to drink Kirin or use a Dell than another person based on the given characteristics.

Second, try a different algorithm tool such as factor analysis. This tool follows a similar idea as cluster analysis as you are looking for groups. However, factor analysis explains why a group exists. That is, it provides insight into how groups are unique but necessarily how are groups different.

Third, perform a contingency table with a chi-square test. This approach does not require you to impose a distribution on the data. However, you need to select two or three items at a time. For example, from the Kirin case, we could have created a contingency table using (a) likelihood to purchase an import beer, and (b) prefer a strong taste. The remaining questions would not have been considered.

In MKTG3850, we cover factor analysis and contingency table in greater detail.