Question

DATE: APRIL 2020     CAT                       

INSTRUCTIONS: Attempt ALL questions

QUESTION ONE

A prospective business student desires to specialize in Marketing. He is told that he would also have to study business mathematics and quantitative techniques. He does not like mathematics and figures and wonders why he has to study these subjects yet his career aspiration is to be a marketing manager. Advise him.

Answer 1

Mathematics is crucial part of managing businesses. Business and mathematics go hand in hand as business deals with money and money includes everything in itself. There is necessity for everyone to manage money at some point or the other to take decisions which requires everyone to know mathematics.

Business mathematics is useful in commercial enterprises to record and manage business operations. Commercial organizations also use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis.

It is helpful that you know the financial formulas, measurements involved in interest calculation, hire rates, salary calculation, tax calculation etc. which help complete business tasks efficiently. Business mathematics also includes statistics and provides solution to business problems.

Therefore studying business mathematics is very crucial for marketing