Author Topic: Data Analysis in Marketing  (Read 2075 times)

sally crocker

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Data Analysis in Marketing
« on: November 22, 2015, 05:16:40 pm »
A large part of creating a marketing plan depends on data and market research. Without the research and data, we would have to guess at the best target market or the best magazine for a product or service, and often, we are influenced by our own preferences and experiences.

The data and research remove that influence and help us answer important questions based on facts and not on personal opinion, which is really important when we are spending the client’s time and money.

Data analysis is important because it is how we take all the data we collected using surveys, focus groups, interviews, and observations and put it together to find the answers to our questions.

For example, if we want to know how much a family spends on groceries each week, we might use a survey or focus group and gather that information. Then we will have a range of responses with different amounts that the respondents provided. This will be our first variable. We can then go even further; maybe we are targeting families with two or more children. We would have then included a question on the survey or in the focus group asking how many children were in the house. This is our second variable. We could then sort our data to show just the respondents who had two or more children in the house and then sort again based on their responses to how much they spent on groceries each week.

See how important data analysis can be?