INFORMATION ANALYSIS IN MARKETING RESEARCH SEM2 1.07 1.07 Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and.

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INFORMATION ANALYSIS IN MARKETING RESEARCH SEM 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. INTERPRET IT ACCURATELY TO ANSWER SPECIFIC MARKETING QUESTIONS. 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. SEM Information Technology Analysis in Marketing Research H OW DO BUSINESSES USE DATABASES FOR ANALYSIS ?

M ARKETING R ESEARCH A TOOL C OMPANIES U SE T O M ARKET T HEIR B USINESS V IDEO T HIS IS JUST ONE EXAMPLE OF M ARKETING R ESEARCH C OMPANIES USING T ECHNOLOGY T O A NALYZE C USTOMER D ATA FOR O THER B USINESSES

1. IDENTIFY SPECIFIC CUSTOMER C HARACTERISTICS 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 – Video

CORRELATION OF DATA Bar Graph ChartLine Graph ChartPie Chart When looking at a bar graph, the bar that is the tallest bar shows the most correlation (affiliation) of data When looking at a line graph, the lines that cross show a direct correlation (affiliation) of data When looking at a pie graph, the biggest piece of the pie shows the most correlation (affiliation) of data What does the data have in common?

1. T O I DENTIFY FANS / CUSTOMERS WHO HAVE PURCHASED IN THE LAST SIX MONTHS. 2. T O I DENTIFY THOSE WITH MULTIPLE PURCHASES. 3. T O I DENTIFY THOSE WHO HAVE PURCHASED MORE THAN $100 OF THE SPORT / EVENT PRODUCT. 4. T O C REATE A LIST OF CUSTOMERS WHOSE NAMES / ACCOUNTS APPEARED ON REPORTS / LISTS W HY USE D ATABASE – I NFORMATION T ECHNOLOGY R ESEARCH ? Data is static – it does NOT change. Related data are linked together rather than being grouped together in folders.