Market Research

Posted May 27, 2009

Statistics is a vital part of market research. Without statistics, market research would be impossible because statistics provide the data and information necessary to carry out proper market research. Statistics and market research then, go hand in hand as one is not possible without the other.

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Before explaining how statistics play an important role in market research, it is important to understand just how vital market research is to a business. Market research (conducted using proper statistics) allows business to make the right business decisions that will maximize profit. This is because market research provides information and statistics on what goods and services will work. This includes information and statistics on price levels, location of the product, and demand for the product. Market research, then, allows businesses to make decisions based on consumer preferences, purchasing power, and the like. In other words, market research tests a product to see it there is a demand for it and what that demand is like—something that is clearly essential to all businesses.

Statistics plays a vital role in this market research as statistics give the businesses information around which the market research will revolve. Because market research is based on the implementation of results in statistics, market research is impossible without proper, well acquired statistics.

Not all businesses have the know-how, however, to acquire proper statistics. And because these statistics are so important in market research, it is important to get the statistics right!

Statistics is the gathering and interpreting of data and it is a science. It is important to stress the fact that statistics is a science because it is important to understand that not everyone is capable of gathering accurate statistics. Just as you would not hire a salesman to be your physician, you should not hire a businessman to do your statistics. In other words, statisticians need to be hired in order to do the statistics part of the market research. There is nothing more detrimental to a business’s success than acquiring false information and statistics around which to base market researchStatistics consultants, then, can be obtained to help with the statistics part of the market research. Statistics consultants will help with the statistics part of the market research and will provide valuable feedback in terms of what works and what does not work. Statistics consultants do this by following many precise steps. Statistics consultants first obtain the data. They do this gathering of data through various procedures. Each of these procedures has guidelines, rules and regulations because accurate statistics (required in accurate market research) require that information is gathered in a precise and scientific way. (Again, statistics is the science that deals with the collection, classification, analysis and interpretation of numerical facts and data, and because it is a science it is governed by the laws of science—that is to say, very precise theories and requirements!) Once statistics consultants gather the necessary information needed for market research, they then interpret the results of this data. This data will provide the information necessary for the statistics that will be the foundation of the market research. With this information and data and the interpreting of the information and data, statistics consultants will provide the businesses with substantial market research. Businesses and organizations can then take this market research and make sound, wise and concrete decisions about what product they want to sell, where they want to sell it, how much they want to sell it for, etc. All of these decisions –based on statistics and market research—will, of course, maximize the profits available for the business.

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