Market Research is not just about getting data points. You need to analyze the data using the Relationship Analysis. This will help in providing a better understanding of the data that you have received. You want to be able to make sense of the data to ensure that you have a statistical significance in the data points before making any business decisions.
There is a seven-step process of doing Relationship Analysis:
Step 1: Choose the variable to analyze
Step 2: Determine if the variables are categorical or metric.
Step 3: Choose the right test and determine if there is a relationship between the variables.
Step 4: Run the test and determine the relationship is present
Step 5: If a relationship is present, determine the direction of the relationship
Step 6: If a relationship is present, they assess the strength of the relationship
Step 7: Interpret the results. To determine which test to run you need to be aware of the Complexity of Data Analysis to determine which test to run you need to be aware of the Complexity of Data Analysis
Here are the three principal sections that you will use for your data analysis and what to use when researching excel: (Note: for quicker results you can use SPSS to get this data)
Use Descriptive Statistics
Differences in Groups
Use t-Test for dual items and ANOVA for three or more items
Crosstabulation Analysis > use Chi-Square
Correlation Analysis > use Correlation
Regression Analysis > use Regression
Knowing which excel to run for these tests will help you in getting you to make the right decision for your business.