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INFORMATION ANALYSIS IN Marketing Research

INFORMATION ANALYSIS IN Marketing Research. SEM2 1.07. 1.07 Understands tools, strategies, and systems needed to access, process, maintain, evaluate , and disseminate information to assist business decision-making. How do businesses use databases for analysis?.

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INFORMATION ANALYSIS IN Marketing Research

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  1. INFORMATION ANALYSIS IN Marketing Research SEM2 1.07 1.07 Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making.

  2. Howdo businesses use databases for analysis? 1. obtain a variety of information 2. Businesses MUST interpret The information used for analysis accuratelyto answer specific marketing questionsWhen Manipulating DATA for information 3. manipulate the data to obtain the answersthey want. Note - This practice will not help them solve problems or make good decisions if they interpret the datainaccurately. SEM2 1.07 Information Technology Analysis in Marketing Research

  3. Marketing Research A tool Companies Use To Market Their Business Video http://www.youtube.com/watch?v=I117c2kIe14 This is just ONE example of Marketing Research Companies using Technology To Analyze Customer Data for Other Businesses

  4. 1. identify specific customer Characteristics 2. find a correlation within customer dataPsychographic + Demographics Businesses use customer profiles and buying behaviors to find the best ways to market its goods and services to their target market. They use a customer database and/or hire a marketing research agency to: Know the Value of Your Business – Video https://www.youtube.com/watch?v=DdWjHV35nHI#t=158

  5. Correlation of data What does the data have in common?

  6. Correlation of data • When marketing researches review the level of affiliation between two variable, they are evaluating the CORRELATION of data components. • Correlation is the dependency of one variable on another variable or set of variables. The level of dependency can vary greatly. To predict means to estimate. One cannot usually estimate until a pattern or correlation between variable has been established. Sensitivity and affirmation are general terms that might describe an understanding nature. To understand the relationship between variables , a correlation must first be acknowledge

  7. Why use Database – Information Technology Research? 1. To Identify fans/customers who have purchased in the last six months. 2. To Identify those with multiple purchases. 3. To Identify those who have purchased more than $100 of the sport/event product. 4. To Create a list of customers whose names/accounts appeared on reports/lists Data is static – it does NOT change. Related data are linked together rather than being grouped together in folders. Example-When analyzing the historical data in a data warehouse, the data is static

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