Discuss the possible applications in marketing research for factor ...

Answer to #1

Applications include:
1 . data reductionreducing a large set of variables to a smaller set of underlying factors
2 . structure identificationidentify the basic structure underlying a set of measures
3 . scalingidentify weights that can be used with a weighted scale
4 . data transformationtransform correlated variables into a smaller set of uncorrelated factors that can be used with dependence analyses methods

Answer to #2

T

Answer to #3

Two elements are critical to building relevant knowledge and generating a subsequent desired action: (1) getting through to the right consumers with the right communication and (2) having them respond in a timely manner so that they do not get lost again in the clutter before the communication's proposition has been accepted and hopefully acted on. The first is a necessary condition for the second to occur, but it is not sufficient by itself. The first relates to being able to identify the appropriate target audience (think like a wise man) for a message and purchase proposition (communicate in the language of the people). The second relates to providing an action alternative while the recipient is still engaged with the brand and/or product or service. Direct marketing tries to address both issues.

Answer to #4

T

Answer to #5

D

Answer to #6

Both factor and cluster analyses could be characterized as data reduction techniques. Factor analysis tells us which variables are similar to one another and how they should be grouped; cluster analysis tells us which cases are similar and how they should be grouped.

Now I'm convinced to ask more questions