In Marketing, Data mining can be used for market analysis and management, target marketing, CRM, market basket analysis, cross selling, market segmentation, customer profiling and managing web based marketing, etc. Use of Statistics is indispensable in forecasting sales, market share and demand for various types of Industrial products.įactor analysis, conjoint analysis and multidimensional scaling are invaluable tools which are based on statistical concepts, for designing of products and services based on customer response.ĭata Mining is used in almost all fields of business. Web analytics is about the tracking of online behaviour of potential customers and studying the behaviour of browsers to various websites. IMRB international, TNS India, RNB Research, The Nielson, Hansa Research and Ipsos Indica Research are some of the popular market research companies in India. Marketing research is the systematic and objective gathering, recording and analysis of data about aspects related to marketing. Also, intelligent use of statistics helps managers to design marketing campaigns targeted at the potential customers.
#Application of statistics pdf how to#
Statistics is extensively used in making decisions regarding how to sell products to customers. Statistics is used in almost every aspect of creating and growing customers profitably. Marketing is all about creating and growing customers profitably. As per Philip Kotler and Gary Armstrong marketing “ identifies customer needs and wants, determine which target markets the organisations can serve best, and designs appropriate products, services and Programs to serve these markets”
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