Market Data Analysis Using JMP

Statistical Tests

Introduction

In Chapter 4, I highlighted modeling and testing as parts of the Analysis phase. Some aspects of modeling will be discussed below and then discussed more extensively in later chapters. Testing is discussed here. I'll first discuss tests of means then proportions.

Tests of Means

Let's consider the price question in the yogurt study: Average Price typically paid for yogurt most often purchased. This is a quantitative question to which respondents provided a simple Numeric/Continuous response: a price point. A typical market research report displays the market mean price, the mean price by brand, and a conclusion about which brand has the highest price. You can do more. You can, for instance, test the mean ...