importance of statistics in business planning?

The importance of statistics in business planning can be explained under the following heads :

1. consumer statistics : It helps the business to identify potential market and consumers to maket the product. It also helps to analyse consumer credit data, fraud and identity theft, etc.

2. Demographics : Demographics are used to conduct research,to find out business opportunities in the market and to develop marketing strategies to target the consumer.

3. Production and sales statistics : it studies the production costs and supply trends of goods and services of a particular business enterprise.

4. Trade statistics : It helps to determine the potential competitors and performance of sales such as export sales and domestic sales to carry out busiiness in an effective and efficient manner.
   
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