Statistics is an applied science used to discover facts and relations concerning the subjects in reality. So in the case of market analysis statistics play a major role, like control process within business, forecasting, brand research, trend analysis, competitor analysis etc. Specifically in the process of analysis of every sectors, requires statistical analysis for the betterment of the firm. We are not an exception and our analysis department is fully equipped with the most contemporary statistical knowledge.
Our methods in brief
To apply the statistical techniques and tools in a social, economic, or industrial purpose, it is necessary to start with a targeted population and try to get the desired data from it. Mostly in market research primary data are being used but sometimes it may be secondary data too. With the help of descriptive statistics we get results like mean, standard deviations, etc.
For the case of huge population, a chosen subset of population (sample) is studied and again we use descriptive statistics to summarize the data sample.
But to draw a meaningful conclusion, inferential statistics is needed and this may take forms like, Hypothesis testing, Estimation, Correlation, Regression analysis, Forecasting, Extrapolation and Interpolation, etc.
Statistical Analysis in our services
We would welcome the opportunity to analyze market depending on our client requirements. As the majority of market data are quantitative in nature, so our quantitative analysis results in possible findings and conclusions regarding market. Our experience says that most of the companies have access to sophisticated data but often they lack for an expertise to draw a meaningful conclusion.
- Surveying the relationship between sales and marketing mix- we use advanced statistical technique to explore the effectiveness of advertising, price changes, promotional activities, new product launch, etc.
- Using bivariate and multivariate analysis- We have successful experiences to check the effectiveness of introduction of economic variables in market.
- From the time series data, like sales trend or marketing trend of past few years, we are able to forecast future trend.
- We use cluster analysis for consumer research, to explore consumer behavior, preferences, attitude towards new product launched, usage behavior, etc.
- In case of large population we use sampling data analysis, by which we predict the nature of total population from the sample we designed.
- Test for statistical significances is done so carefully to achieve the accuracy level.
- Throughout our analysis, it becomes prominent about the next best opportunity, alternative market strategies, marketing decisions, etc.