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The Use of Statistics in Marketing - Term Paper Example

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The researcher of this term paper aims to analyze The Use of 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…
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The Use of Statistics in Marketing
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Download file to see previous pages Statistical data on marketing is essential for a company and should be well-tabulated to ensure that the data is used 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 have been influenced by 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 analyze.

Data Sources in Marketing. In marketing, data forms a critical part of research where it provides the information crucial in determining the research area. Acquiring the right data needs the research to identify the data collection method critical in the research and that provides sufficient information regarding the subject under the study (Mazzocchi, 2008). Before discussing the data sources available, it is important that one understands that there are two types of data that is critical to the research. These are primary and secondary data. These two types of data are crucial in the research work and should be utilized for the perfection of the results. In addition, the two types of data help in confirmation of the existing theory from the primary data perspective and secondary data analysis. Primary data are collected through the use of ad-hoc surveys that are built for the study purposes while the secondary data is collected from previous studies and official statistics in the given area (Mazzocchi, 2008). ...Download file to see next pagesRead More
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