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Investigate a social or business issue using statistical techniques (including Excel graphs), analysis and interpretation - Assignment Example

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STATISTICAL TECHNIQUES, ANALYSIS, AND INTERPRETATION, PRODUCT DIFFERENTIATION Tutor name 22 March 2012 Contents Abstract………………………………………………………………………………….3 Introduction………………………………………………………………………………
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Investigate a social or business issue using statistical techniques (including Excel graphs), analysis and interpretation
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Download file to see previous pages ??..9 Appendix ………………………………………………………….…………………….10 STATISTICAL TECHNIQUES, ANALYSIS, AND INTERPRETATION, PRODUCT DIFFERENTIATION Abstract This report discusses practical application of statistical techniques. Using secondary data, the paper investigates contents of cigarette brands with the aim of investigating product differentiation. The analysis uses both descriptive and inferential statistics to investigate product differentiation. Introduction Product differentiation is one of the emerging marketing strategies among competing business enterprises. It refers to the production of a unique commodity in the market. The underlying factor in product differentiation is that consumers must be able to distinguish the product from others in the market. The distinction may be with respect to either quality, features or even price. As a market strategy, differentiation has been used to develop brand imaging in products from organizations. Bragg explains that product differentiation is a strong marketing tool that allows firms to capture and control their customers. This is because once consumers have been attracted into a differentiated product or service they become attached to it. This in turn allows sellers to manipulate their markets for profit maximization. The underlying principle is that increasing prices of highly differentiated products does not have significant effects on the demand for such products, a feature that allows sellers to use product differentiation as a tool to market capture and profit maximization (Bragg, 2011, p. 26). Similarly, a firm can differentiate its products as a strategy for remaining competitive among other firms in the industry. Consumers’ dynamic tastes and preference may negatively shift the demand for a particular product and differentiation therefore allows organizations to develop products that will continually meet their customer’s needs. This helps firms to retain their market control and effectively manage their profit margins. A company that frequently introduces differentiated products in the market also increases its sales because consumers will always be interested in testing the new brands (Bragg, 2011, p. 26). Increasing competition in markets and the need to penetrate into the markets and maximize profits could however lead to virtual differentiation of products with the aim of taking advantage of consumers’ ignorance. Firms may for example claim that their products are unique in content mix and hence quality while such distinctions may not be real. Built loyalty and trust between organizations and their customers together with euphoria may then leads to perception and conviction over existence of differentiation that might not exist or might not be significant. A more practical approach through statistical analysis can however be employed in order to evaluate existence of differentiation as may be claimed by manufactures. Statistical tools can for instance be used to compare contents ...Download file to see next pagesRead More
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