Statistics for Managers Project wk3 - Assignment Example

Statistics for Managers Project wk3: The Use of Statistics in Marketing Affiliation Statistics in Marketing Organizations have been using the statistical data to compare markets, production finance security controls and almost every aspect of a business since the numbers act as a clear indicator for the company. It is important for companies to come up with the proper statistical tools depending on the specific role or purpose that they aim to derive from the statistical data. The data is also easily analysed since the numbers are compared against past figures or with the industry as a whole to evaluate the strength of the company as a whole (Balakrishnan, 2010).

Marketing is one of the most important functions within the organizations and as a result, the data collected on the marketing tool needs to be inclusive and properly structured in order to gain from the marketing policies and mechanisms employed. Statistical data on marketing is essential for a company and should be well-tabulated to ensure that the data is usable in the marketing research applications that the data is meant to improve. The company may conduct a survey on advertising and other marketing tools such as product promotion and measure the level of sales that has been influenced by the marketing tools (Balakrishnan, 2010).

The company needs to conduct customer surveys and come up with the best structure and techniques in marketing that are not only attractive to the customers in the market but also offer a competitive advantage over the competitors (Balakrishnan, 2010). The methods employed by the company need to be assessed statistically to measure if they are working within the company and also measure if they have worked in other companies through their records. The analysis part is particularly simpler since the statistical data ensures that the information is properly structured and therefore easy to analyse.

ReferencesBalakrishnan, N. (2010). Methods and Applications of Statistics in Business, Finance, and Management Science. New York: John Wiley & Sons, Inc.