Marketing Plan

All statistic data is categorized and can be classified as in two general types; quantitative and qualitative. Quantitative data is measured on a naturally occurring numerical scale (McClave, Chapter 1, 2011). Quantitative data can be classified as either interval or ratio data. An example of quantitative data is housing market and the percentage of foreclosures in each state. Qualitative data is opposite of quantitative data this is because qualitative data cannot be measured on a natural numerical scale and can only be classified into one of a group categorized (McClave, Chapter 1, 2011). Qualitative data can be classified as either nominal or ordinal. An example of qualitative data is a panel of people samples of four toothpaste and they measure the toothpaste and best to worst. No matter how statistic data is measured the data is can be useful to companies to research their products against other competitors.

Statistics plays a vital role in business it can set up for any future endeavors and future strategies a business might take. A company can analyze data and the statistics to determine what might need changing or if an idea or product will work for the company. Without statistics, a company might not know what the next step to take or if they should continue with an idea, which could detrimental for the company.

There are statistics all around us, we see it in the news, we see it with the economy, we see it in business, and we see it in the advertisements and products we buy. At the end of an elections, the news will predict who the projected winner is, even before the poll closes, this is statistics at work. Test scores can be an example of statistics. The score is compared to the total of tests that were taken, and then the scores are then looked over and given what is called an average score. This can determine where each person taking the test fits in a category. Then in business we see statistics in product development. A company can have a test taste, where they can have a panel of people to taste different makes of a product. Then the panel will mark which ones they like best to least. The scores will then be tallied up to find out what is the best one. Statistics are to form and establish an idea; statistics helps us define the world we live in today.