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Marketing Diploma Course – Question on Unit Eight Aleksandre Ananiashvili – S12976
In the five-number summary, five numbers are used in order to summarize the data which
include: smallest values, first quartile (Q1), media (Q2), third quartile (Q3) and the largest value. This
can be done by placing the data in ascending order, in order to know the position or rank of the data
and compute the mean. After this, the box plot can be done, this is a graphical summary of data that is
based on the five-number summary. A key to the development of this technique is the computation of
the median and the quartiles, Q1 and Q3. The interquartile range, IQR = Q3 - Q1 will also be used.
This process is applicable in marketing because it will lessen the time and effort to be exerted
by the marketing managers and staffs. This can be used in the process of computing and considering
the market or the population to be targeted. With the use of this method, the marketing managers will
be able to prepare reports and documents that will help to present the result of marketing analysis and
study, at the same time, help the viewers or the readers of the report or documents to understand in
easier because of its simplicity.
References
Anderson, D R, Sweeney, D & Williams, T A 2008, Statistics for Business and Economics, Cengage
Learning.
Peters, W S 1987, Counting for Something: Statistical Principles and Personalities, Springer.
Wolf, J 2008, The Nature of Supply Chain Management Research: Insights from a Content Analysis of
International Supply Chain Management Literature from 1990 to 2006, Gabler Verlag.J
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