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What is Correlation Analysis?
Correlation measures the degree to which two variables relate to each other, in terms of strength and direction. A correlation between two variables can either be positive or negative. A positive correlation means that when one variable increases, the other variable also increases. On the other hand, a negative correlation means that when one variable increases the other decreases.
Each correlation has a strength that ranges between -1 to 1. A correlation of "1" is the strongest correlation, meaning that when one variable increases in one unit of measurement, that other variable also increases in one unit of measurement.
When to Use Correlation Analysis
When it comes to market research, utilize correlation analysis when you are interested in understanding the association between two variables in your study.
This type of analysis allows you to explore connections, trends, or patterns associated with two variables. This not only allows you to identify relationships between variables, but it can also illuminate better questions to ask your participants to drill deeper into the associations you’re most interested in studying.