Final answer:
The statistical characteristics of customers such as age and income level are crucial for businesses. These can be collected via questionnaires, surveys, or tracking methods. This information helps tailor business strategies to better satisfy customer needs.
Step-by-step explanation:
The statistical characteristics of customers, such as age and income level, help businesses understand their clientele. These characteristics can be identified by methods like surveys, questionnaires, and data collection.
For example, an electronics chain store collects information through questionnaires given to 100 randomly selected customers at each store. By asking for their age, the store can determine the demographic distribution of their customer base. Similarly, a public library tracks whether books are checked out by an adult or a child to ascertain the proportion of child patrons.
Political parties also utilize statistical methods. Following a debate, a party might call a random sample of 1,200 phone numbers to gauge voters' reactions and intentions. Such data can provide insights into voter preferences and behavior.
Statistical analysis in business can involve identifying the population (all customers), the sample (a group selected for study), the parameter (a measure describing the entire population), the statistic (a measure describing the sample), the variable (the characteristic of interest), and the data (the actual values collected).
These methods enable businesses to tailor their marketing strategies, product offerings, and services to better meet the needs and preferences of their customers, thereby improving customer satisfaction and long-term success.