INFORMATION ANALYSIS IN MARKETING RESEARCHSEM2 1.07

1.07 Understands tools, strategies, and systems needed to access, process, maintain,

evaluate, and disseminate information to assist business decision-making.

1. OBTAIN A VARIETY OF INFORMATION

2. BUSINESSES MUST INTERPRET THE INFORMATION USED FOR ANALYSIS ACCURATELY TO ANSWER SPECIFIC

MARKETING QUESTIONS WHEN MANIPULATING DATA FOR INFORMATION

3. MANIPULATE THE DATA TO OBTAIN THE ANSWERS

THEY WANT. NOTE - THIS PRACTICE WILL NOT HELP THEM SOLVE PROBLEMS OR MAKE GOOD DECISIONS IF THEY INTERPRET THE DATA

INACCURATELY.

SEM2 1.07 Information Technology Analysis in Marketing Research

HOW DO BUSINESSES USE DATABASES FOR ANALYSIS?

MARKETING RESEARCHA TOOL COMPANIES USE TO MARKET THEIR BUSINESS

VIDEOhttp://www.youtube.com/watch?v=I117c2kIe14

THIS IS JUST ONE EXAMPLE OF MARKETING RESEARCH COMPANIES USING TECHNOLOGYTO ANALYZE CUSTOMER DATA FOR OTHER BUSINESSES

1. IDENTIFY SPECIFIC CUSTOMER CHARACTERISTICS

2. FIND A CORRELATION WITHIN CUSTOMER DATA

Psychographic + 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 – Videohttps://www.youtube.com/watch?v=DdWjHV35nHI#t=158

CORRELATION OF DATA

Bar Chart Line Chart Pie Chart

When looking at a bar graph, the bar that is the tallest shows the most correlation (relationship) of data

When looking at a line graph, the lines that cross show a direct correlation (relationship) of data

When looking at a bar graph, the biggest piece of the pie shows the most correlation (relationship) of data

What does the data have in common?

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

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

WHY USE DATABASE – INFORMATION TECHNOLOGY RESEARCH?

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