Market research is all about understanding the market for a product or service. This market can be segmented in many ways, but one of the most common ways is by using ANOVA. ANOVA stands for Analysis Of Variance, and it’s a statistical tool that market researchers use to understand how different groups of people respond to different stimuli.
For example, if a market researcher wanted to understand how men and women responded to a new shampoo, they could use ANOVA to compare the two groups. By understanding the market segmentation, market researchers can better understand how to target their products and services.