Advantages of Statistics

Statistics in Research and Development

A company also uses statistics in market research and product development, using different surveys, such as random samples of consumers, to gauge the market for a proposed product. A manager conducts surveys to determine if there is sufficient demand among target consumers.

Survey results might justify spending on developing the product. A product launch decision might also include a break-even analysis, such as finding out what percentage of consumers must try a new product for it to be successful.

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