Market research is an important part of making business decisions. It helps companies understand their customers and the market better. One big part of this is using ratios and proportions. Here are some key ways to use them:

1. Sample Proportions

• In market research, knowing how many people you're talking to is very important. If you ask 1,000 people about their preferences, you can find out what part of those people like something.
• For example, if 300 out of 1,000 people prefer product A, the proportion is: $p = \frac{300}{1000} = 0.3$
• This means 30% of the people prefer product A.

2. Market Segmentation

• Ratios can help businesses identify different customer groups. For example, if a company targets two groups, A and B, in a ratio of 3:2, that means that out of every 5 customers, 3 come from group A. This shows the company needs to focus more on group A.

3. Sales Ratios

• Companies often look at sales over time with ratios. If sales go up from £50,000 to £75,000, we can find the increase like this: $\text{Sales Ratio} = \frac{75,000}{50,000} = 1.5$
• This means sales have increased by 50%.

4. Customer Feedback Analysis

• Ratios also help businesses understand customer opinions. If 80% of customers say they had a good experience, this can guide the company on where to improve their services.

Using these techniques shows how important ratios and proportions are in market research. They help companies make better decisions based on data and understand their customers more clearly.