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Mgmt600 1002 A 03 P2 T2 Ip Carl Wills.Docx
- 1. Comparison Study of Demographical Data Carl Wills MGMT600-1002A-03 Phase 2 Task 2 Individual Project Professor Claude Superville Colorado Technical University Online April 23, 2010
- 2. The overall Comparisons and Differences Comparison Nationally and 60614 zip code: Qualitative and quantitative data. Data comparison between 1980 to 1990 and 1990 to 2000. Differences Nationally: Large sample size. Zip code 60614: Small sample size in comparison. Data Surprises Data nationally in comparison to 60614 have commonality in percentage relationship (i.e., workers age 16+ or difference ranging about 1.5% in any variable). Striking differences in high level income between 60614 and the national average (i.e., $200,000 range). 2 Comparison Study
- 3. Major Findings: 2000 Education Attainment 3 Comparison Study
- 4. Major Findings: 2000 Marital Status 4 Comparison Study
- 5. Major Findings: 2000 Household Income Report 5 Comparison Study
- 6. Comparison Data: Questions to consider Margin of error: Example – plus or minus 10, which could change each subject within a variable by either decreasing or increasing its value. The ability to make informed decisions based on old data comparisons. The practicality of using total population demographical sample as opposed to comparing demographical data by region or state. 6 Comparison Study
- 7. References Bowerman, B. O’Connell, R. Orris, J. Murphree, E. (2010). Essentials of business statistics(3rd ed.). McGraw-Hill Irwin. Colorado Technical University Online. (2010). Applied managerial decision-making: Phase two task list. Retrieved April 10, 2010, from https://campus.ctuonline.edu/classroom/AssignmentList.aspx?Class=22 Coulter, M. (2008). Strategic management in action (4th ed.). Pearson. Prentice Hall. Upper Saddle River, New Jersey Summary Reports. (n.d.). Retrieved April 16, 2009, from Colorado Technical University Online phase two task list: http://www.marketingpower.com/content753.php Triola, M. (2008). Elementary statistics (10th ed.). Pearson. Addison Wesley 7 Comparison Study
Notas del editor
- Welcome! The purpose of this presentation is based on the comparison of demographical data from the U.S. Census nationally and zip code 60614 respectively. Data used consisted of reviewing the following reports nationally and from 60614 zip codes, they are; (1) general summary report; (2) census trend 1980 to 2000 summary report; (3) occupation and employment summary report; and (4) income summary report (Colorado Technical University Online, 2010). Furthermore, the presentation will offer explanation to how the 60614 zip code profiles are different in comparison to the national profiles as well as key summarizations from the presented graphs through out the presentation.
- In comparison to both nationally and 60614 zip code general summary reports there are striking similarities as well as differences given that the national census is derived from a large population sample in comparison to small population sample by zip code. For example, comparing the qualitative variable of the 2000 education attainment there are more people with graduated degrees (33.99%) then the national average of 8.86 percent (Summary Reports, n.d.). However, in review of the 2000 marital status there are more people married nationally (51.30) as opposed to 60614 where the marriage average is 30.55 percent (Summary Reports, n.d.). Arguably, both figures could be used to target marriage consumers for the new snack food roll out as well as educational level. Furthermore, in review of the 1980 to 2000 census trend summary report, occupation and employment summary report, and income summary report reported nationally as well as the 60614 zip code the percentages between female and male have stayed consistent with over half of the population sample are women and approximately 49 percent are male. Thus, suggesting a focus on targeting women and men for snack foods. However, the differences between both sexes is marginal, it would be advisable to add children into the mix. On average, the differences between employment nationally and 60614 is about 2.2 percent, suggesting that the majority of people are employed as of 2000. However, since 2006 to present day, it is presumptuous to assume that the employment average is the same because of the down turn in the U.S. economy. Furthermore, the income summaries nationally and the 60614 data suggest that the average income levels range between $47,500 and 87,500 respectively. Suggesting consumers can afford to purchase snack foods and subsequently high end snack foods as well. However, consideration must be made due-in-part to the high level unemployment in the wake of U.S. current economic down turn may suggest that income levels are drastically changing and decreasing from 2000 to present day.
- As the slide suggest there are obvious differences in bachelor and graduate degrees between zip code 60614 and the national average. As there are comparable differences between high school graduates nationally as opposed to zip code 60614. What’s striking is whether the sample conducted for zip code 60614 was biased or whether there might have been calculation errors in comparison to the national average or did more people moved to this zip code area with degrees in the last 10 years? Obviously, consideration must be made to whether a sample taken from one population (i.e., nationally) can be used to make statistical inferences about a related population such as between zip code 60614 (Bowerman, O’Connell, Orris, & Murphree, 2010).
- Again, the 2000 marital status variable shows a marked difference between “never married” (60614) and “married” (nationally). Suggesting that over half of the 60614 zip code have never been married as opposed to half of the total population is married. For marketing research, it would be recommended to know the comparable average for the state (i.e., Illinois) to understand whether less people have never married as opposed to the state average or whether the 60614 is skewed to the right. Furthermore, since half of the zip code population has “never married” what percentage of this particular subject has children and/or what percentage are male and female? In other words, by breaking down each subject within a variable would assist management in targeting a specific class of consumers or several classes of consumers. Therefore, by conducting multistage sampling of various subjects within a variable, provides a greater understanding of the demographical environment and improves the depth of Company W’s marketing strategies (Coulter, 2008).
- The findings associated with the 2000 household income report is from the initial midpoint of $5000 to $47,500 where the frequency polygon shows in comparison (USA and 60614) that there’s a two to three percentage difference that gradually decreases to 1 percent at the income level $47,500. Then both the national and 60614 zip code population samples steadily increase between $52,500 and $87,500. Thus suggesting on average household income is between $47,500 and $87,500 for upper middle class respectively, household income between $12,500 to $27,500 as a lower end, household income between $32,500 and $45,500 in the middle, and between $100,00 to $200,000 higher class levels. This information is specifically important when targeting consumers based on income levels and their purchasing power. Furthermore, as income levels increase from approximately $100,000 upward there’s a mark decrease in the household income levels and is especially noticeable nationally. Whereas, there is a substantial increase from $137,500 to $200,000 within the zip code population. Rendering one to think what is the margin of error between the observed sample statistic and the exact value of the population parameter (Triola, 2008).
- Arguably, comparing historical total population demographics provides marketing and sales managers information to develop strategies based on substantial trends over the years, it is questionable whether old or historical data provides enough information to make informed decisions on what types of consumers to target. However, while it’s conceivable to use historical data in comparison with current data, the question that should be addressed is in relation to knowing if current data is available. For example, reviewing data for 2009 in comparison with data in 2000. In other words, if data is represented closer to the actual year as opposed to 10 years, it becomes feasibly accurate to compare data and make informed marketing decisions especially when developing a new snack food. On the other hand, questions should be made on the viability of using old demographical data in the first place. While arguably it has merit in understanding trends over the years, understanding the comparison by region and state would offer greater affordability in understanding specific regions in relation to other sales regions more accurately. Thus pinpointing whom to target per region/state becomes accurately apparent. For example, the household income slide suggested a low, middle, high middle, and high income classes, which is valuable in understanding and targeting consumer based on their purchasing power and so on. However, it quite obvious that income levels have drastically decreased in the past five years. With this assumption, it would be highly recommended to compare household income levels that are well represented in relation to today’s economic down turn and high unemployment.
- On average, using demographical census data historically with specific demographic data (i.e., 60614) provides the means in which statistical information can be used to make informed decisions. However, if we were to assess and define information from the national and zip code summary reports, considerations must be made on current data information as opposed to 10 years or more historical data. It is presumptuous, for example, to assume that the employment average is the same because of the down turn in the U.S. economy. Furthermore, the income summaries nationally and the 60614 data suggest that the average income levels range between $47,500 and 87,500 respectively. Suggesting consumers can afford to purchase snack foods and subsequently high end snack foods as well. Although, it’s fair to say that the data identifies the trends from 1980 to 2000; current environmental concerns should equally be included in the decision-making process when developing manufacturing, marketing, and selling strategies. Arguably, comparing historical total population demographics provides marketing and sales managers information to develop strategies based on substantial trends over the years, it is questionable whether old or historical data provides enough information to make informed decisions on what types of consumers to target. While trends are important, current data should be well represented in so much that each regional sales manager can see his/her region/state in comparison with other regions/states along with the national data to make informed decisions about their respected local. In doing so, managers can observe the data, recommend consumer targets or perform further statistical data gathering to pinpoint a discrete or continuous marketing mix within a specific or several variables.