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    Statistic Assignment

    Uploaded by

    Liew Chi Chieng
    Marketing involves researching, promoting, selling, and distributing products or services to attract potential customers. The key purposes of marketing are to capture a target market's attention, persuade consumers to purchase a product, and provide an easy action for customers. Statistics are applied in marketing in several ways. They provide demographic data for analysis and identifying major competitors. Marketing mix modeling helps determine the best combination of marketing channels to maximize return on investment. The four Ps of marketing are product, price, promotion, and place. Promotion refers to marketing communications used to inform or persuade audiences. Types of promotion include advertising, direct marketing, sales promotion, personal selling, and public relations.

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    Statistic Assignment

    Uploaded by

    Liew Chi Chieng
    25 views3 pages
    Marketing involves researching, promoting, selling, and distributing products or services to attract potential customers. The key purposes of marketing are to capture a target market's attention, persuade consumers to purchase a product, and provide an easy action for customers. Statistics are applied in marketing in several ways. They provide demographic data for analysis and identifying major competitors. Marketing mix modeling helps determine the best combination of marketing channels to maximize return on investment. The four Ps of marketing are product, price, promotion, and place. Promotion refers to marketing communications used to inform or persuade audiences. Types of promotion include advertising, direct marketing, sales promotion, personal selling, and public relations.

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    Marketing involves researching, promoting, selling, and distributing products or services to attract potential customers. The key purposes of marketing are to capture a target market's attention, persuade consumers to purchase a product, and provide an easy action for customers. Statistics are applied in marketing in several ways. They provide demographic data for analysis and identifying major competitors. Marketing mix modeling helps determine the best combination of marketing channels to maximize return on investment. The four Ps of marketing are product, price, promotion, and place. Promotion refers to marketing communications used to inform or persuade audiences. Types of promotion include advertising, direct marketing, sales promotion, personal selling, and public relations.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    25 views3 pages

    Statistic Assignment

    Uploaded by

    Liew Chi Chieng
    Marketing involves researching, promoting, selling, and distributing products or services to attract potential customers. The key purposes of marketing are to capture a target market's attention, persuade consumers to purchase a product, and provide an easy action for customers. Statistics are applied in marketing in several ways. They provide demographic data for analysis and identifying major competitors. Marketing mix modeling helps determine the best combination of marketing channels to maximize return on investment. The four Ps of marketing are product, price, promotion, and place. Promotion refers to marketing communications used to inform or persuade audiences. Types of promotion include advertising, direct marketing, sales promotion, personal selling, and public relations.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Background

    What is Marketing?

    Marketing is the process of interesting potential customers and clients in your products and/or


    services. The key word in this marketing definition is "process"; marketing involves
    researching, promoting, selling, and distributing your products or services.

    Purposes of marketing:
    1. Capturing the attention of your target market
    2. Persuading a consumer to purchase your product
    3. Providing the customer with a specific, low-risk action that is easy to take.

    How Are Statistics Applied in Marketing?


    1. Data Source
    Statistics provide demographic information such as the number of potential customers
    in a geographical area, their ages, income levels and consumer preferences. Used as
    part of competitor analysis, statistics can identify the major competitors, their market
    share and trends in the longevity of their products. Industry sector data helps
    marketers understand the trends governing supply and demand of the product
    category and fluctuations in its popularity.

    2. Marketing Mix Modeling


    It helps marketers identify the correct combination of marketing communications
    channels to use to reach the target market and provide the best return on the marketing
    investment. Modeling works by analyzing information and using the technique of
    statistical regression to determine the effectiveness of sales on the market. The
    formula for modeling includes creation of a model using sales volumes and value as a
    dependent variable, and then using various marketing channels to represent the
    independent variables.
    The Four Ps Model of Marketing

     Product: The procedures you have in place to ensure that your products are ready for
    selling. Your product (or service) should fill a gap in the market, meet the needs of
    customers, and stand out from the competition.
     Price: The cost of purchase, including both the sticker price as well as less
    quantifiable trade-offs that a customer must be willing to make when they purchase
    your products.
     Promotion: The information you give consumers through targeted advertising to
    generate interest in your products. Promotions usually have one of two purposes:
    generate leads or initiate actual purchases.
     Place: Refers to how and where products are sold. All distribution decisions are part
    of your overall marketing process.

    What is Promotion?
    In marketing, promotion refers to any type of marketing communication used to inform or
    persuade target audiences of the relative merits of a product, service, brand or issue. The aim
    of promotion is to increase awareness, create interest, generate sales or create brand loyalty.
    It is one of the basic elements of the market mix, which includes the four Ps, i.e., product,
    price, place, and promotion.

    Types of Promotion

     Advertising
    Advertising means to advertise a product, service or a company with the help of
    television, radio or social media. It helps in spreading awareness about the company,
    product or service. 

     Direct Marketing
    Direct marketing is a form of advertising where organizations communicate directly
    to customers through a variety of media including cell phone email, websites, online
    adverts, fliers, catalog distribution and targeted television, newspaper and magazine
    advertisements as well as outdoor advertising.

     Sales Promotion
    Sales promotion uses both media and non-media marketing communications for a pre-
    determined, limited time to increase consumer demand, stimulate market demand or
    improve product availability.

     Personal Selling
    The sale of a product depends on the selling of a product. Personal Selling is a method
    where companies send their agents to the consumer to sell the products personally.

     Public Relation
    Public relation or PR is the practice of managing the spread of information between an
    individual or an organization (such as a business, government agency, or a nonprofit
    organization) and the public.

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