A2 Business Studies Unit 3. Aim: Understand the use of correlation and ICT in marketing. Objectives: Define correlation. Explain correlation relationships.

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Presentation transcript:

A2 Business Studies Unit 3

Aim: Understand the use of correlation and ICT in marketing. Objectives: Define correlation. Explain correlation relationships Analyse the use of ICT in marketing Evaluate the ethics of ICT and marketing

Define moving averages. Define extrapolation. Explain two benefits of extrapolation. Explain two drawbacks of extrapolation.

A statistical relation between two factors which can be either positive or negative. Marketing: correlation between two factors eg. Sunny weather has positive effect on ice cream sales. Helps firm identify the most significant factors affecting demand for their product.

1)Positive Correlation: direct relationship between two variables. Increase in advertising = increase in sales. 2)Negative Correlation: inverse relationship between two factors. Interest rate rises = housing sales fall. 3)No Correlation: no link and no pattern between factors. Price of fish and cinema sales.

Positive Correlation: + 1 No Correlation: 0 Negative Correlation: -1

Task: Describe the types of correlation which occurs in these markets. Put a quantifiable figure next to the diagram to describe the correlation & describe the relationship between variables.

Simulate full scale launch of product/service on a sample of the target market. Goal is to achieve results that represent whole market. However… The segment must be an accurate representation. Danger that another firm could copy reducing any competitive adv.

advantages Information can be processed quickly and used for moving averages/ extrapolation/ correlation. Information can be used to build up customer databases and monitor consumer behaviour. disadvantages Possibility of information over load- which may slow down the decision making process. Decision makers may over-react or misjudge market data leading to strategic errors.

Tesco stocks up on inside knowledge of shoppers' lives Is this morally right? Is this merely just a great marketing tool? How may this benefit Tesco in the short run and the long run?