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Question

An advertising firm has used insights from its analytics team to create a strategy for improving sales. Now, they implement a plan to increase annual revenue. The question is shown that which step is the firm in the data analysis process?

Answer

The stage of data analysis at which the companyis located is called:

• Interpreting the Results

The question asks us to indicate the stage at which our firm uses its data to increase sales and revenue annually.

This shows that data interpretation begins when an advertising agency makes use of the data they have collected.

There are five steps you need to follow when doing a data analysis.

1. Finding the goal
2. Data collection
3. Clearing
4. Data interpretation
5. Result sharing

Relevant knowledge

Did you ever wonder how many Red Fruit Loops are found in a box Fruit Loop cereal? Or how many peanut M&Ms are contained in a pack of peanut M&Ms. A data analysis can answer all your questions! What is data analysis? Data Analysis refers to the application of statistical practices to organize and describe, evaluate, interpret, and analyze data. What is data? Data can be described as a combination of quantitative and qualitative variables. We are analysing a number that is associated with M&Ms and fruit loops, and this would be an example of quantitative data.

Conclusion

We hope you found our answer above is useful and support for your subject with the question “An advertising firm has used insights from its analytics team to create a strategy for improving sales. now, they implement a plan to increase annual revenue. So, the firm is at which step of the data analysis process?” Please leave a message if you have any questions. Thank you!