A marketing manager at an e-commerce company set a goal to increase the customer conversion rate by 3% over the last quarter. A data analyst is assigned to review the website traffic and sales data from the past three months. The analyst's primary task is to measure the actual conversion rate and compare it directly against the 3% target to determine if the team's efforts were successful. Which analytical approach is the analyst primarily using to fulfill this request?
Performance analysis focuses on measuring outcomes against set benchmarks to identify gaps or areas of success. Trend analysis concentrates on changes over time and may not align those changes with specific targets. Exploratory data analysis draws insights from data without tying the insights to predefined objectives. Hypothesis testing is used to evaluate a claim about data and does not directly compare results to organizational goals.
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What is performance analysis in data analytics?
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How does performance analysis differ from trend analysis?
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Why would hypothesis testing not be suitable in this scenario?