Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Statistics in the Hardware Store
Statistics can be used in a variety of ways in a hardware store. Because it is a retail business, the main reason for the use of statistics for decision making that will help the business financially prosper. They are used to determine what products customers want and need and how much of each item to keep in stock. Statistics are used answer important questions like when customers are going to purchase and how much they are going to spend (Boatwright, Borle, & Kadane, 2003). They are also are used in pricing models for the merchandise, in the marketing strategies of the store (for example, determining who the target customer is), and almost every other aspect of the store's operation.
A hardware store has many uses for descriptive statistics. The owners and managers need to know what the data look like in order to make informed decisions. One example would be products to have in stock. If the store determines the average products that sell the most, they know which items should have the most stock (and have their stock replaced). For example, if an average (arithmetic mean) of one hammer is sold per month, but, on average (arithmetic mean),...
One example would be a customer satisfaction survey. Because the hardware store managers feel that they need feedback from their customers, they choose to have the cashiers ask a few customers about their shopping experience. A few customers are asked at the register how satisfied they were on a scale of one (very dissatisfied) to five (very satisfied), and the management generalized the answers to the entire shopping population. Because 95% of customers said they were very satisfied, the store management assumed that they were doing a good job and meeting the needs of their customers (and hoped to maintain profits). The store management can generalize the results because it is assuming that the (sample of) people who were chosen to answer the question represent the larger population of shoppers (since not all shoppers were asked). The management has no reason to think that the shoppers who were asked were…
Works Cited
Khan, R. & Jain, D. (2005). An empirical analysis of price discrimination mechanisms and retailer profitability. Journal of Marketing Research, 42(4), 516-524.
Boatwright, P., Borle, S., & Kadane, J. (2003). A model of the joint distribution of purchase quantity and timing. Journal of the American Statistical Association, 98, 564-572.
complexities of doing business in our virtual age, looking in particular at e-commerce but also asking how the presence of e-commerce on the market has affected traditional businesses as well. Once upon a time - that golden age - things were simple. You decided you wanted to grow up to be a bookstore owner. Or a hardware store manager. Or a florist. So you leased a store, bought some
In this case there are differences due to the income level of the person who is replying. The Americans who are making more than $34,000 a year generally say that the persons getting aid from welfare could manage their own lives without help from the government if they really tried, while the replies from the lower income groups feel that they could not manage. This continues on in the opinion
Wal-Mart Nation The dream of Sam Walton was a simple one: "Give people high value, low prices and a warm welcome" (Walton, 2003). At an early age, he was working hard delivering what the customer needed and wanted at a reasonable price - newspapers and selling milk from the cow (Huey, 1998). The development of Wal-Mart, KMart, and Target has brought about a retail business that is highly competitive within the
If the temperature is taken miles away, or if the insect that was found and studied was not exactly the same as one that had been studied before, only similar perhaps, the defense attorney will also often argue that the entomologist's testimony is only guesswork, and therefore that it is not valid and should not be admitted as evidence (Sachs, 1998). Judges have taken different approaches about whether to allow
Drones Preliminary Analysis of Drones Drones have become increasingly popular among the U.S. army and the reason is that they have ability to transform (has already transformed to quite an extent) the way America has been fighting and the way it has been thinking about its wars. According to the intelligence officials of the United States, these unmanned aerial vehicles that are commonly called drones have proved to be one of the
(Combating Terrorism: FEMA Continues to Make Progress in Coordinating Preparedness and Response: Participation in Interagency and Intra-agency Groups and Committees) CIMS: The Office of Emergency Management --OEM who has been collaborating with NYPD & FDNY and other City agencies to develop the CIMS, the adoption of which was declared by Mayor Bloomberg in March, 2004. CIMS makes a uniform incident management structure for every City agency that is broadly based