Business Statistics Is the Study Essay

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Therefore to form a basis of good decision making business people should be able to understand how statistics can be applied in the description of markets, advertising development, price setting and how they can best respond to the consumer demands that are often changing (Petryni, 2010).

Statistics can be used in various situations within a business for instances; incase a business wants to venture into new markets statistics can be used to inform the business decisions in the definition of target consumers. The statistical analysis of the trends of consumers, purchasing powers and preferences can be useful in making decisions before venturing into a particular business.

Another situation can be where decisions on the branding and advertising products or services the statistical analysis may aid in the definition of the consumers who are targeted, provide information about the industry one wants to venture in and description of the buying trends.

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This information can be very helpful in businesses and advertising agencies when it comes to the decision on the sort of advertising messages that will be most appropriate and the exact product that will be featured in the advertising. When it comes to media circulation or the type of media available; statistical research can be used to make decisions about where purchase advertising. Another scenario can be when it comes to decisions on pricing; statistical research can be used to help in the guiding the making of decisions of pricing it can also be used in the determination of trends in pricing, how sensitive consumers are too high or low prices and the ratio of production cost to price (Petryni, 2010)......

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