Market research data — practice questions

Quant: Strong overall satisfaction — 84 out of 120 customers (70% of 120) gave a high rating, so the launch is viable.

Qual: The navigation issue risks user retention and bad reviews — this must be fixed before a wide promotion.

Action: Triangulate the findings. The quantitative data shows a good product concept, but the qualitative data reveals a critical flaw. The firm should run usability tests (combining qualitative feedback with quantitative task completion times) and delay mass advertising until the UI is updated. Do not ignore qualitative feedback just because the quantitative data looks good.

To advise the owner, we must first calculate the three measures of central tendency.

Step 1: Calculate the Mode The mode is the most frequently occurring value.

• $5.00 appears 3 times.
• $4.75 appears 2 times.
• Other values appear once. **Mode = $5.00**$

Step 2: Calculate the Median The median is the middle value in a sorted list. First, order the data: $4.50,$4.75, $4.75,$5.00, $5.00**, **$5.00, $5.25,$5.50, $6.00,$7.00 With 10 data points, the median is the average of the 5th and 6th values. Median = ($5.00 +$5.00) / 2 **Median = $5.00**$

Step 3: Calculate the Mean The mean is the sum of all values divided by the count of values. Sum = $4.50 +$5.00 + $5.00 +$4.75 + $6.00 +$5.50 + $5.00 +$4.75 + $5.25 +$7.00 = $52.75$ Mean = $52.75 / 10$ Mean = $5.275 (or$5.28)

Advice to the Owner:

• The mode and median are both $5.00, suggesting this is a strong central price point that many customers find acceptable.
• The mean is higher at $5.28, because it is influenced by the outlier value of $7.00.
• Recommendation: Pricing at $5.00 would be the safest option, aligning with the most common preference. A price of $5.25 could also be tested, as it's close to the mean and captures more revenue without being significantly higher than the median.