1. Why is statistical analysis a necessary part of market research?

2. What is the purpose of statistical analysis in a business context?

3. Briefly explain the following terms:

a. Measures of central tendency

b. Mean and median

4. Briefly explain the following terms

a. Measures of dispersion

b. Correlation

5. List at least five market trends or developments that might impact on your business.

6. How could you apply the statistical data you obtain on competitors to guide your business decisions?

7. What techniques could you use to analyse competitive information?