1.07 Utilize Information Technology Tools to Manage and Perform Work Responsibilities WF 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 Many times, businesses can manipulate the data to obtain the answers they want. –This practice will not help them solve problems or make good decisions if they interpret the data inaccurately. Know your audience –Be sure the report is easily understood Have skills to analyze the data Concurrently select data collection methods and appropriate analysis Draw unbiased inference –Cannot manipulate information to say what you want it to say or support Determine statistical significance, measurements, and honest and accurate analysis Manner of presenting data Environmental or contextual issues Examples of important data include: –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 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. –A data warehouse is a large store of data accumulated from all departments and areas within a company and used to guide management decisions. –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.