Businesses Can Now Precisely Measure Customer Preferences and Optimize Strategies
This article explains how analysis of variance (ANOVA) helps MBA and undergraduate students in understanding marketing research. ANOVA assesses if differences in averages between groups are due to chance. It needs one measured factor and one or more influencing factors. The paper talks about different types of ANOVA, like one-way and N-way ANOVA, as well as ANCOVA and MANOVA. It also compares ANOVA with multiple regression, another statistical tool in marketing research. The article concludes by illustrating real-world ANOVA applications in marketing research.