Using data in business
Businesses regularly deal with different types of data. Data is gathered through completing Market research is the process of collecting information about the market or what customers want that might help a business to be more successful and spot gaps in the market., financial reviews, marketing reviews, market data, changes in costs and prices and gathering data about employees. Businesses must be able to select, interpret, analyse and evaluate each type of data effectively to help them make business decisions.
In businesses, data is presented in a number of different ways, including:
- quantitative data is any numerical data
- qualitative data is usually worded data, gathering quotes and statements for example
- graphs, tables and charts are used to display data in a simple, easy to analyse format
