Investigate a social or business issue using statistical techniques Assignment

check up on a social or business issue using statistical techniques (including Excel graphs), epitome and translation - Assignment Example..9 Appendix ..10 STATISTICAL TECHNIQUES, ANALYSIS, AND INTERPRETATION, PRODUCT DIFFERENTIATION Abstract This report discusses working practical application of statistical techniques. Using secondary data, the paper investigates contents of cigarette brands with the shoot for of investigating product speciality. The analysis social functions both descriptive and inferential statistics to investigate product preeminence. Introduction Product differentiation is one of the emergent marketing strategies among competing business enterprises. It refers to the production of a unique commodity in the market. The underlying factor in product differentiation is that consumers must be able to distinguish the product from others in the market. The distinction whitethorn be with respect to either quality, features or even price. As a market strategy, differentiation has been utilise to develop brand imaging in products from organizations. Bragg explains that product differentiation is a strong marketing machine that allows firms to capture and check their customers. This is because once consumers have been attracted into a separate product or service they go away attached to it. This in turn allows sellers to manipulate their markets for profit maximization. The underlying principle is that increasing prices of highly differentiated products does not have significant effects on the demand for such products, a feature that allows sellers to use product differentiation as a tool to market capture and profit maximization (Bragg, 2011, p. 26). Similarly, a firm can differentiate its products as a strategy for remaining competitive among other firms in the industry. Consumers dynamic tastes and preference may negatively shift the demand for a particular product and differentiation therefore allows organizations to develop produc ts that will continually meet their customers needs. This helps firms to retain their market control and effectively manage their profit margins. A company that frequently introduces differentiated products in the market alike increases its sales because consumers will always be interested in testing the new brands (Bragg, 2011, p. 26). Increasing rival in markets and the need to penetrate into the markets and maximize profits could however lead to virtual differentiation of products with the aim of taking advantage of consumers ignorance. Firms may for example claim that their products are unique in content mix in and hence quality while such distinctions may not be real. Built loyalty and pull between organizations and their customers together with euphoria may then leads to perception and conviction over existence of differentiation that might not exist or might not be significant. A more practical approach through statistical analysis can however be employed in hostel to ev aluate existence of differentiation as may be claimed by manufactures. Statistical tools can for eccentric be used to compare contents