Importance of Statistics in Management Sciences

Importance of Statistics in Management Sciences

  • Submitted By: urooba
  • Date Submitted: 03/15/2010 6:48 AM
  • Category: Business
  • Words: 375
  • Page: 2
  • Views: 2244



The first approach as Henry ford said is that “customers could get cars of any colour as long as it was black”. This approach is his personal perception. He does not define need. He just gives an idea and this approach is for limited people. This approach basically shows that they don’t care about the customer’s needs and wants and this statement gives an idea that applies to a limited people not the whole market.

On other hand market development and market research is conducted by TATA shows how serious TATA was in finding the needs and wants of the customers and whole market segment. This approach ends in finding the key attributes that will fulfil the needs and wants of customers and hence launching a successful product. The TATA approach also shows that they focused on the changing behaviour of the market. As the world is changing demands are changing and so are needs and wants. So the business should focus on finding the changed attributes if they want to b successful. On the contrary side the statement of Henry shows as if they know the whole market for a long time and it would remain same.


The first activity done by TATA is that they modify the parts already developed for other vehicles in TATA motors. Because vehicles had to be priced in comparison to the three wheelers and therefore the cost had to be reduced. This was achieved through a combination of using and modifying parts.

The second activity they done was that they trained auto mobile garages because the vehicles operated with in a limited radius, the service points had to be closer to the vehicles operating routes. And these garages were branded as TATA certified points.


The most important advantage a consumer wants to get from product or service is its high quality and low price. If the product is to be used for transporting materials i.e. as discussed in the given case the ability to carry high loads that too on different routes give a...

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