The Statistical and Data Sciences practice at Exponent can enhance businesses with sound market research, risk analysis, and expenditure studies.
Market Research 
Effective development and marketing of products and services require a thorough understanding of the market for these products and services. Market information is usually gathered through surveys, but the accuracy and value of the information obtained depends on the quality of the survey instruments and the procedures used. Exponent statisticians can ensure that a market survey is designed using best practices and statistical principles that lead to quality data and correct inferences. We help clients understand the following aspects of the market:
- Customer and competitor analysis
- Customer needs
- Customer engagement
- Market share and penetration
- Product research
- Brand value and image
- Product usage
- Pricing strategies
- Customer attitudes and satisfaction
- Advertising research
- Brand and advertising awareness
- Brand linkage
- Motivation
- Market segmentation
- Market trends
Risk Analysis
Risk analysis is the systematic study of uncertainties and hazards. It can include analysis of the impact to the business market, as well as accident and injury hazards associated with the product being marketed. The initial step in risk analysis is an assessment of the hazards, and the consequences of these hazards, faced by a business unit, including estimating the probabilities of adverse outcomes and the impact (financial or otherwise) associated with them. The next step is to take actions that will mitigate or hedge these risks.
A probabilistic model of a business or a project and its hazards are useful in the risk assessment step. The model can include market variables, such as demand and competitor’s pricing, among others, as well as decision variables, such as type and level of advertising, price, and other factors. The model can simulate how net profit can be affected by uncertain market demand, variations in competitors' pricing, production costs, and raw materials costs. Probabilistic models can simulate numerous “what-if” scenarios and provide insights into what can go right, what can go wrong, and what we can do about it. Such models can help business decision makers and public policy makers understand the impact of uncertainty and the consequences of different decisions.
Expenditure Studies
Expenditure studies analyze corporate spending data to determine methods to reduce costs and improve operational performance. In The Spending Analysis Benchmark Report: Dissecting a Corporate Epidemic, the Aberdeen Group found that spending with external suppliers is the single greatest expense for most enterprises, accounting for half of every dollar earned. Tracking spending patterns and classifying types of products bought can lead to better supply management decisions and a reduction of suppliers and costs.
Our statisticians and data analysts have experience in supporting manufacturers and distributors in their efforts to quantify risk, not only to their products, but to their bottom line.