Essay on Using Descriptive Statistics in Marketing

Introduction

Attracting customers is quite challenging. Companies have to conduct solid research into the strengths of the goods they sell or services they offer. To achieve this, they must invest in marketing methods and tools that not only capture the imagination of potential clients but also seduces them. Data obtained from research can be summarized or analyzed and condensed, such that the marketing team can draw valid conclusions that can be used to influence potential buyers. Such information to help salespersons has power points at their fingertips when convincing potential customers. The use of such methods is what is in other terms referred to as using descriptive statistics in marketing (Macrae et al., 2011). The most common descriptive statistics are the measures of central tendency, among which mean and mode are applicable in this marketing.

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Mean

Mean refers to the average value in a given data set (Gargano, 2014). What mean tells you is the estimate or approximate figure you should expect. For instance, when you are told that the average age of pupils in a class is sixteen, that means when coming up with a topic of your speech to these pupils, you must confine yourself to that age, with a little adjustment to more and less than that. Mean is handy when making decisions or choices. In this Oil Change Company, average (mean) number of minutes it takes to change oil is 29 minutes. The marketing team can use this to persuade potential clients in slogans like, "Get your oil changed in less than an hour!" This statistic if not explained to the clients being persuaded to consider the company, but just presented to them in a publication is still quite easy to understand. They will immediately know that it takes this Company less than an hour or only half an hour to fix their oil issues. This will attract more customers and so increase revenue for the company.

Mode

Mode refers to that single statistic that appears many times than any other figure in the data set (Maddox, 2014). Considering the initial example of the ages of pupils in a class, it may be determined through counting that the age fourteen is the most recurring. Therefore a speaker who is invited to talk to them should align themselves with a topic that will interest a fourteen-year-old pupil. It is quite obvious that the majority always have their way. In the same way, what many people say about services of a business creates the ultimate perception that even non-regulars will have about it. Considering the statistics provided for this Oil Change Company, and assuming that customers actually participated in the listed oil changes, most of them would say that it takes only fifteen minutes to change oil because that is the modal number of minutes. This information can also be used in reminder advertisements with video testimonials of customers whose oil change took exactly fifteen minutes. The majority of these customers will have their way and so create a 'fifteen-minute' service delivery perception for the company. This will attract more customers and increase revenue.

Additional Information

To improve the marketing of this company, the mode and mean need to be standardized. While the mean suggests half an hour, the mode indicates fifteen minutes. If any of the trials of oil change exercise took only fifteen minutes then it means that there is a great chance that other outlets can also do the same. To achieve this, it is recommended that company appoints an expert to find out the cause of prolonged oil change in the other outlets. After the discovery, the delays should be done away with so that while the majority of the clients' testimonials chant fifteen-minute services, many if not all of the oil change outlets will be changing the oil in that duration. This standardization will introduce consistency in the company, and will also help retain new clients.

References

Gargano, G. (2014). Introduction to Statistics. Place of publication not identified: Cengage Learning.

MacRae, S., Welford, H., & MacRae, S. (2011). Descriptive Statistics. Moseley: StatBasics.

Maddox, A. (2017). Introduction to Statistics. S.l.: Kendall Hunt.