Mathematics is also essential in marketing for several reasons:
Market Research: Analyzing market data, conducting surveys, and interpreting consumer behavior rely on statistical methods. Customer Segmentation: Dividing the market into distinct groups based on demographic, psychographic, and behavioral factors requires cluster analysis and other statistical techniques. Pricing Analysis: Setting optimal prices based on cost, demand, and competition involves mathematical models and elasticity calculations. Marketing ROI: Calculating the return on investment for marketing campaigns requires understanding key performance indicators (KPIs) and their mathematical relationships.