When in college statistics can be one of the most challenging and boring subjects
. But if professors and students can see the practical value of marketing statistics, this perception could change. Especially in today's world where every dollar a business spends has to be stretched as far as it can.
Being able to provide companies with the information that can not only save them money but also increase their revenue is widely sought after. Being able to gather the information that will allow a business to target the demographic that will use their product or service the most is very valuable. It will allow companies to build a customer base that will keep the company's doors open and propel it into the future.
As professors and students you can help with new innovations in gathering market research. With the resources at your disposal you can test new methods that could later be used in a market research company. The internet has given market research companies a much broader base from which to find people willing to participate in market research. The challenge is to find diversity within the people willing to participate. There may be times when using the phone may give a broader spectrum of people.
Professors and students will have the time to test new theories as they are researching how accurate marketing statics really are. Marketing research companies want to be able to pass along to their clients accurate and useable information. As with any business if your clients are not happy with the results you will not be in business long. Having an academic environment will allow you the luxury of making mistakes.
Using the research professors and their students do will push forward the ability of market research companies to better predict the buying publics fluctuating wants and needs. This will in turn provide the clients of the market research company with a better focus to zero in on their demographic. Allowing the selling company to further stretch their marketing dollars and turn those dollars spent into profit for their company.
Marketing statics for professors and students may just be a theory to be proved or disproved. But to many companies it is a means for them keep their businesses' doors open and to continue to grow their business. For the buying public it is a means to find new products and services to meet their changing wants and needs.