Download 1.07 Utilize information technology tools to manage and perform

1.07 Utilize Information
Technology Tools to Manage and
Perform Work Responsibilities
SEM 2
Terms
• Subset – a group of people that is part of a
larger group
• Correlation – level of affiliation (or
relationship) between two items (or
variables)
– In marketing research, correlation is the
dependency of one variable on another variable
or set of variables. The level of dependency can
vary greatly. To understand the relationship
between variables, a correlation must first be
acknowledged.
Considerations in Manipulating Data to
Create Reports
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Many times, businesses can manipulate the data to obtain the answers they want.
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Know your audience
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This practice will not help them solve problems or make good decisions if they interpret the data
inaccurately.
Be sure the report is easily understood
Have skills to analyze the data
Concurrently select data collection methods and appropriate analysis
Draw unbiased inference
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Cannot manipulate information to say what you want it to say or support
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Determine statistical significance, measurements, and honest and accurate analysis
Manner of presenting data
Environmental or contextual issues
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Examples of important data include:
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Use customers' responses to measure customer satisfaction and learn more about what each
customer needs so that the company can close the customer sacrifice gap, which is the difference
between what individual customers settle for and what each wants exactly.
Familiarity with the aggregated survey data, in other words, helps the manager tailor his response to
individual customers.
The transactional data gives the detail behind the relationship. It helps you pinpoint specific issues
that need to be addressed to boost overall customer satisfaction.
Reams of customer data are no guarantee that you'll be able to increase your most profitable
customers' loyalty—you have to be sure that you're collecting the most relevant information.
Listening for the attitudes that inform customers' behaviors and preferences, gives you a more solid
basis on which to craft and implement strategies that will improve customer loyalty
Procedures for Manipulating Data
for Information Analysis
• Businesses should try to achieve accurate
interpretation when manipulating data for
information analysis.
• Businesses obtain a variety of information that
must be analyzed in order to make it useful.
• While manipulating the data for information
analysis, businesses should try to interpret it
accurately in order to obtain information that will
answer specific marketing questions.
Use of Database for Information
Analysis
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Purpose of analyzing a customer database is to identify specific
characteristics that the business can use to market its goods and services
to customers.
Businesses are better able to target their market if they know what type of
customer makes up the market.
For example, a business probably would use different techniques to sell to
customers who are married, own their own homes, and earn $50,000 a year
than to customers who are single, rent, and earn $25,000 a year, because
these types of customers have different wants and needs.
When using data in a data warehouse , the data are static.
– Changes made to the data are recorded and tracked so that users can identify
changes that occur over time. Therefore, the data are static—they do not
change.
– Related data are linked together rather than being grouped together in folders.
When data move into a data warehouse, they are made consistent with each
other rather than maintaining the uniqueness of their various operational
applications.