Statistical Tools In marketing of new product

INTRODUCTION

In product management, We use statistics to

predict the type of customer. Now a days many
products designs are according to customer
choice and it’s all depended upon assumptions,
that the company gets from those type of
customer. For example, in axis bank there is
one debit card called liberty debit card mainly
for those people who do frequent shopping so,
the chance of that customer to take travelling
packages are more.
 CASE STUDY

In our data mean age of our customer is 51.2 years

There is only 0.0013 % customer opted for credit card

Most of the customer is married or having live-in relationship

8.16 times a customer visit branch

About 5.13 times they visit online

People taken F.D V/S there marital status

In our data if we see the data

about F.D then we can see that
the married people have taken
more F.D which is about 13.12%
followed by divorced 8.6%, Single
7.91% and live-in 6.3%
respectively.
F.D taken according V/S the number of children

There is about 48 family who has 2 kids at home

There is 891 people who has 1 kid

Family having children are taken at least one F.D

Out of 937 family 917 has taken 2 F.D

884 has taken 3 F.D

F.D taken V/S Education qualification

People having tertiary education

has taken more F.D which is about
63% of total F.D in tertiary
education there is about 6.9%
graduate has taken F.D followed
by 6.4% masters degree has taken
F.D
 TARGET CUSTOMER

So from the data we can

conclude that for F.D we
have to target mostly to the
married couple with children
having tertiary education.
 Credit Card Data

In our data we can see there is about 30 customer has taken

Credit Card.

Out of 30, 26 are graduate and PhD

Out of 30 Credit card holder 19 are married

So from here we can conclude that our target customer for credit
card should be married couple having tertiary education.
 Reason to Consider

Easy to implement
Increases efficiency and
productivity
High accuracy in product selling
 Conclusion

Useful tool for marketing

Helps in allocation of resources and man

power

Allow us to predict the success of any

product or event