Statistics in Today's Business Environment Term Paper by Nicky

A look at the application of statistics in the modern business environment.
# 151424 | 2,712 words | 10 sources | APA | 2012 | US
Published on Jun 11, 2012 in Business (General) , Mathematics (General)


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Description:

The paper explores how statistics are applied within the business community in terms of
business education, marketing, financial analysis, business diversification, business expansion and product quality. The paper shows how the success of these areas depends directly on how well organizational leaders are able to use statistics to gather, process and interpret the information within the micro and macro environments.

Outline:
Introduction
Statistics Applied in Business
Conclusions

From the Paper:

"As it has been mentioned throughout the introductory part, marketing endeavors have come to play a pivotal part in the ultimate success of any business effort. Marketing represents the means by which customers become familiarized with the product, generate a demand for the company's item and purchase it, to create organizational revenues. Marketing also represents the means by which the company communicates with and enlarges its customer base. It can easily be argued that statistics is pivotal in the success of marketing efforts mostly due to the major increase in not only the volume, but also the complexity of the data available within the market, data which cannot either wise be efficiently processed without the support of statistics (Rossi and Allenby, 2000).
"The examples of how marketing specialists use statistics to sustain the business goals of the organization are endless. For instance, the marketing department at Nestle could be presented with the necessity to create a campaign for whole wheat cereal for children. The endeavor would be part of a strategy of increasing awareness of what we eat, but it is clear that the task is a difficult one. In approaching its chore, the marketing department would assess information on the past campaigns and their success rates. Then, it would create a new campaign and test it onto a relevant sample of children and parents. The results of the testing would be collected and assessed in order to tell the company which sections of the campaign should be improved, which should be maintained and so on."

Sample of Sources Used:

  • Bartholomew, D.J., 1995, What Is Statistics? Journal of the Royal Statistical Society. Series A (Statistics in Society), Vol. 158, No. 1
  • Bendell, A., Disney, J., McCollin, C., 1999, The Future Role of Statistics in Quality Engineering and Management, Journal of the Royal Statistical Society, Series D (The Statistician), Vol. 48, No. 3
  • Doukar, J.A., Kan, O.B., 2006, Does Globalization Diversification Destroy Firm Value? Journal of International Business Studies
  • Larson, R., Farber, E., 2004, Elementary Statistics: Picturing the World, 2nd Edition,
  • Love, T.E., Hildebrand, D.K., 2002, Statistics Education and the Making Statistics More Effective in Schools of Business Conferences, The American Statistician, Vol. 56, No. 2

Cite this Term Paper:

APA Format

Statistics in Today's Business Environment (2012, June 11) Retrieved April 19, 2021, from https://www.academon.com/term-paper/statistics-in-today-business-environment-151424/

MLA Format

"Statistics in Today's Business Environment" 11 June 2012. Web. 19 April. 2021. <https://www.academon.com/term-paper/statistics-in-today-business-environment-151424/>

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