Almost all market data or facts come through statistical analysis. Not everyone is check or surveyed. “78 percent school going children carry lunch with them, and share it with their classmates.” The above said statement was the result of a study, conducted in 10 schools in London. Over a 100 students and parents took part in this survey. And the result could be true for school going kids all over the world. It seems practical and believable. But the sample size was only 100 students and 100 parents. Do you remember, statistics was fun at schooling level? Well, we were taught the problems and solutions of mean, median, and mode with a view to enhance our analytical skills. It was a part of the class of mathematics then, but now, during our postgraduate and research program, we use this ‘fun’ tool to reach results and conclusions in our research based projects and assignments. Statistics can be termed as the study of analysis, data, datasets, interpretation, data collection, and data organization. It is a significant tool for scientific, social, space, market, industrial researches. Statistics and Market Research Market research is carried out to learn the consumer preferences. A brand whether existing or approaching, conducts this survey, to learn the demand of the market. The statistical or research analysis tool is called MDPREF, Multidimensional Preference Analysis. Another marketing research tool is Conjoint Analysis that helps the researchers evaluate the consumer preferences and demand. By using the outcomes or facts of this analysis, an organization approximates its marketing and production budget and preferences. Another tool, Multidimensional Scaling helps an organization do a comparative analysis between two or among different market players (or products or trends) of the same (or different) categories. Datasets...
