Marketing 278

  1. Individuals should interpret all the researched marketing data concerning the operational outcomes in engineering finance and production (Erevelles, Sunil, Nobuyuki Fukawa, and Linda Swayne, 897). They should exhaust all market research information to manage their products. Creative resolutions and connections can be established by interpreting the acquired data by an individual from different marketing information. It is only through virtue of deep understanding of the client’s desires that engineers will be able to generate advanced products. Services offered to customers can be enhanced through an enthusiastic interpretation of market research data. This will, enable them to gain a better understanding of their clients as well as motivating the customers to allocate their funds appropriately. It is also applied to estimated revenue spurts from older goods (Graue, 5). Marketing research will enable the company to enhance the quality of produced and manufactured products. The market research data can be used by most Human Resource managers to inform employees on benefits as well as the principles of the company. The detailed solution is essential to satisfy the market research questions, relating to interpreted data by the individuals in finance, HR, several reversions and the possible barriers of collinearity, as well as the ways through which a researcher can test for collinearity, if it is problematic, what action the researcher should take (Graue, 14).
  2. Moreover, it describes the role played by the researched data with the significance of executive summaries as well as several examples. The core role of management is to make decisions. Most of the decisions formulated are often surrounded by doubts resulting in risk, and hence marketing research will minimize such risks. Furthermore, marketing research helps to enhance the decision made by the management as well as improving it to reach its goals.

Possibly, marketing managers may make some effort and enquire advice from marketing research experts. It is significant for the researched data to emanate a precise diverse course of action as well as the alternative chances for success (Erevelles, Sunil, Nobuyuki Fukawa, and Linda Swayne, 899). To sustain the objective of marketing research, marketing management must have enough confidence in the results to be formulated to meet the risky decisions concerning those outcomes (Graue, 8). However, it will be essential for the marketing researchers to apply the scientific method, which is thus able to interpret an individual’s prejudices, opinions, and notions into explicit hypotheses/proposals which are empirically tested. Alternative clarification of phenomena interest or events receives equal deliberation.

  1. Describe the potential problem of collinearity and multiple regressions. How might a researcher test for collinearity? If collinearity is a problem, what should the researcher do?

The possible problem of collinearity and multiple regressions is the possibility for independent variable value to change while other variables remain constant. Linking an independent variable creates a room for indicating adjustments in one variable related to other variables (Erevelles, Sunil, Nobuyuki Fukawa, and Linda Swayne, 900). The change of one variable regardless of the other is determined with how stronger the correlation is. Since the independent variable changes, it is hard for the model to predict the relationship of every independent variable.

Multicollinearity may result in the following two major type problems:

  1. The coefficient estimation can change enthusiastically depending on the other independent variables within the model. However, the coefficients are more sensitive to small change that may occur within the model.
  2. The multicollinearity may minimize the accuracy of the predicted coefficients, hence deteriorating the power of statistics of the correlation model. The p-values are too trusted to recognize the independent variables that are statistically important.

The primary objective for the regression model and the severity of the multicollinearity determines its possible to reduce errors. The following are essential ways to minimize the problems of regression model:

The rate of the multicollinearity determines the increase of different mistakes. We can moderate multicollinearity to reduce errors. It mainly affects a specific linked independent variable (Graue, 14). The researcher may minimize the problems of multicollinearity by using the experimental variables and various control variables. The researcher can easily interpret the experimented variable swiftly without any issues when the high multicollinearity is present only in the control variables.

Though the p-values and the coefficients are being affected most by the high multicollinearity, it has no adverse influence on the predictions, the goodness of fit statistics as well as the precision of the projections (Erevelles, Sunil, Nobuyuki Fukawa, and Linda Swayne, 901).

Works Cited

Erevelles, Sunil, Nobuyuki Fukawa, and Linda Swayne. “Big Data consumer analytics and the transformation of marketing.” Journal of Business Research 69.2 (2016): 897-904.

Graue, Carolin. “Qualitative data analysis.” International Journal of Sales, Retailing & Marketing 4.9 (2015): 5-14.

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