Although demographic data is most frequently used in this procedure, it is not a requirement. Descriptives are often used to compute univariate statistics, including the mean, standard deviation, minimum, and maximum for numeric variables. When thinking about variables like age, income or the number of trips you make in your automobile, a lot of different responses are possible. Descriptives will provide you with the range and average response. To compare two means, Market Insights uses T-Tests.
Correlations measure how variables or rank orders are related.
Market Insights will use this procedure when there are more than two means to compare. Multiple comparisons are important because they provide the analyst with a more in-depth measurement rather than totally relying on the significance at the descriptives level. Factor analysis is also used to discover patterns of variations in values of several variables. These shared factors might include different product evaluation forms filled out by customers of the same company. This test can measure some of the same characteristics when questions are similar on each of the different evaluation forms.