Using Statistics in Marketing
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All right as marketers we make lots of
important decisions with
major outcomes at stake. In
particular the main outcome would be
whether the business succeeds or fails.
So how do we make those critical
decisions? Well most
times we rely on data or
ideally information to guide our
Well where do we get information or how
do we turn data into information?
Most of the time we use what are called
So what are statistics. Statistics are
simply estimates that are based on the
of numerical data. In other words as
complicated as statistics
sound or or may be when you start
what they really are is very simple they
estimates based on the data that we have.
Now how do we make estimates or what are
we trying to estimate.
Usually we measure a sample or a subset
a group and then from that measurement.
We try to
estimate for the population or the
So the sample is the part that we study
or the group that we study
the population is the group that we're
trying to understand
the bigger group how do we do that
well we use statistical models and
are all sorts of different approaches
that we have
to taking data and creating an estimate
so as complicated as statistics may
and as interesting and and complicated
as it can be to use statistics
it's a really simple concept in the end
we want to measure a little bit
so that we can understand a lot that's
the key to statistics