Marketing data
Identifying and satisfying customer needs. data can provide a variety of Quantitative research is explaining phenomena by collecting numerical data. This data is then analysed using mathematically based methods. and Qualitative research uses non-numerical data. This data is expressed as opinions and descriptive information. information. This data often comes from Market research involves gathering data about customers, competitors and market trends., which can be used to obtain both Data that has been collected first hand for the specific purpose it is being used for. and Information that has been collected by a third party.. All of this information can be invaluable when making business decisions.
Primary research data
Primary research can provide either qualitative or quantitative data. However, it can be a particularly useful way for a business to collect qualitative data, eg detailed information about what customers want and what affects their buying behaviour. A business can then use this information to make decisions about which products it should launch or what prices it should charge.
Secondary research data
Although secondary data can be either qualitative or quantitative, it is particularly useful for obtaining quantitative data about the market in which a business operates. For example, knowing the total value of sales in the market, or whether the market is growing or shrinking, can help a business to decide whether to invest further in existing products or whether to develop completely new products.
Secondary research can also provide data from internal sales figures or information on the The percentage of a market taken by a particular business or product. of competitors.
Using marketing data
Marketing data can provide sales forecasts and promotional plans that may affect other areas of a business. For example, if a business is planning to promote a product, it will need to ensure that its production departments can cope with any anticipated increase in sales.
