Question

Discuss the need for marketers to have a good understanding of maths, statistics and general business finance.

Answer 1

A market is all about buying and selling of goods and services. Also in a market it is really important to calculate the amount of demand and supply as to determine the price in the market. We trade goods and services in the market. A market consists of buyers and sellers. In a market we have price of a good. And we buy a products by mesuring them. Markets need to do reporting which is based on math. For all this reason we have to have good knowledege of mathematics for a market.

For a market knowledge of statistics is very important. Statistics help a market to identify the market trends and evaluate as well as to measure the potential to market program. A market will be successfull when they identify the target market accurately and to use effective marketing communication channels and tactics to reach it.  

A market is consist of business. Without business market won't exist. A business is an organization where peopke work together to make and sell products and services. Business is generally done buy a seller to earn profit. Maths is really important in business. It helps us to know the financial formulas, fractions, measurements involved in interest calculation, hire rates, salary calculation, tax calculation, price determination, demand and supply in the market etc. All this help complete business tasks efficiently.