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BB108- Business Statistics
ABZ sells different product categories including DVD, CD, and books. It is crucial for the firm to enhance its sales and profit to get the competitive position in the market. For this, it is necessary for the firm to make better decisions which could be effective to address the customers’ needs and increase its market share.
Problem definition and business intelligence required
The major challenge for the business is to make better strategies to increase sales and profits because the firm’s sales and profit is declining. For this, the company is intended to use the analytics and application to conduct a research by analysing the data set ABZ-Customer &Sales data with 400 days of trading from a globalcorporation. The use of statistical analysis of the data will be helpful for the company to address the requirements of the customers and make better strategies and decisions to grow its business. This company wants to increase revenues and prevent the profit declining situation to maximize the market share in the industry. Effective analysis of the data provides better understanding of the patterns and trends in specific research area that guides to make better decisions based on evidence (Groebner et al., 2011).