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Essay / Research Paper Abstract
This 5 page paper looks at the way statistics may be used in business, including the way that market research may be evaluated and the use of forecasting to assess future demand. The bibliography cites 3 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEdrinkstat.rtf
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Unformatted sample text from the term paper:
used. Firms will often undertake research and development in order to bring new products to market, but this is also used to renew and improve products. However, mistakes can be
costly, as seen when Coca-Cola tried to change their basic recipe, which backfired with many consumers leaving the brand completely. It is for this reason that new products are often
tested with market research and consumer trials. An example may be a firm that is looking at changing the recipe of their diet drink and use a new type of
sweetener. They may use statistical analysis in order to assess market research that is undertaken. If we assume the firm undertakes the testing of the diet drink with a
sample of 48, made up of a sample that is stratified to match the target market, who are then given the drinks and asked to assess the different tastes to
determine which they preferred. In order to assess this there may an hypothesis that the consumers will prefer the drinks with the new sweetener, therefore the null hypothesis
is that there is no preference for either type of drink. We will use the sample result to try and prove the null hypothesis and if they has to be
rejected we will accept the hypothesis with the use of statistical analysis (Curwin and Slater, 1996). At a basic level the questions may be asked of the respondents and
then look at the percentage that preferred each drink. This may be used to assess the probability of the target market liking one drink over the other. If 7 out
of the 48 preferred the old sweetener then 14.5% of the target market are likely to prefer the old sweetener, if 33 prefer the new sweetener 68.7% prefer the new
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