Statistics in Business Essay Example | Topics and Well Written Essays - 500 words - 2

Statistics in Business - Essay Example ii. Inferential statistics is the second type that deals with the collection of samples from a large statistical set of data and deducing general conclusions. Therefore, descriptive statistics summarizes business data while inferential statistics computes the same information in the form of representative samples. i. Nominal statistics. It is the categorical discrete data for example names that represent the units being measured. In business such names may include examples like the types of cars being sold or the organizational department involved in a particular transaction ii. Ordinal or Rank. Refers to the ordering or ranking of the quantities being measured. A business empire may choose to rate its departments in a particular order of merit when conducting statistical analysis iii. Interval data. It is similar to ordinal in terms of ranking except for the fact the intervals between statistical values are split on an equal basis. Financial information appertaining to a business can be split orderly to create equal intervals to aid in statistical analysis iv. Ratios. Show statistical relationships between various sets of data. Therefore, comparison of financial and other statistical business information is made possible. Examples of business ratios are liquidity, profitability and efficiency Statistics gives a scope of the market and enable the managing body of a business to plan appropriately for the customers. When statistical analysis is conducted on a representative sample of customers, the process becomes cost-effective because not every customer has to be involved. Therefore, the organization is able to formulate a cost-effective financial plan in relation to the target market. Leaders in business organizations make vital decisions for the business. Such decisions should be supported by an accurate and substantive basis. Statistical

Advanced marketing strategy Essay Example | Topics and Well Written Essays - 2750 words

Advanced marketing strategy - Essay Example The main purpose of marketing is just to earn profit for the product or the service they are providing. So every company use different strategies for earning profits and marketing their product or service. There are very famous households names like pampers, coke, surf etc which are very popular globally. These products use different marketing efforts for different countries, by keeping in mind their culture, language and ethics. They use different techniques to build up the loyalty and keep on attracting new customers. Famous household products are known for the quality and the trust which they have built up in years. So, they use different strategies in different countries to keep their product in demand; usually people get addicted to these like coke or else use to it, like pampers. They usually sponsor big events or work for a cause, which results in people getting used to the brands. Big household's names are famous worldwide and people know it wherever they go theywill find it there. Experiences: a firm can create stage and market experiences by combining or orchestrating several goods and services for example an amusement park or a water park directly represents the experiential marketing. Customers after paying ticket, enjoy the rides in the park, enjoy immediate thrill which is provided by these experiences. A theme which is used by restaurants, they can also be a good example of direct experiences. Solutions can also be marketed extensively. ... The perfect solution is to identify people's problems first and then fit your product right into the place, so that's how it is simply done and will also work like wonders. This results in products which are marketed for their usage. They are pictured and considered as the trouble shooters for the customers, they create an image of only solution to the problems. 3. Would you agree that Porter's framework of generic strategies is useful for (a) academics, (b) practitioners Illustrate your answer with examples. In 1980, despite its instant recognition as one of the most important theoretical frameworks of the business science, the generic strategies developed by Porter were criticized by many academics and professionals. There is evidence by General Motors which became the market leader within 10 years through implementation of particularly the differentiation strategy chalked out in the framework. GM also have to work efficiently to cover up all the different price ranges which are already present in the market, which will prevent any new entrants from venturing into the market and also to compete with the small player that existed within these price divisions. However,one of the main criticisms is the obsolescence of the model in the current competitive market conditions, when new sources of competitive advantage are available to companies. The new competitive conditions of the 21st century demands a re-formulation of this model in order to integrate the new business paradigms identified and applied by academics and professionals. A re-interpretation of generic strategies from the perspective of market relationships is necessary. The three generic strategies,cost advantage,differentation and focus are said to be