MCS 3030 Chapter 5: Chapter 5 Research Methods Notes.docx

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3030
• Professor: Tanya Mark

Document Summary

Index: a quantitative score that measures a construct of interest by applying a formula or set of rules that combine relevant data. A score (numerical value) that reportedly measures something. Is a composite: puts different variables together. Variables are put together using a rule or set of rules. Usually construct an index b/c we want to measure something that none of the individual components alone does a good job of measuring. Collected monthly by bureau of labor stats. Based on 8 major categories of spending for the typical consumer (food/beverage, housing, apparel, transportation, medical care, recreation, education and communication, and other goods/services) Break down these 8 areas into 200 specific categories. Complicated weighting scheme that takes into account things like the location & probability that the item will be purchases is used to combine prices. Always involves combo of several very different types of variables. Traditionally a combo of 3 constructs: income, education & occupation.