technology and marketing

Question 1

name three types of data and give examples

Answer 1

• customer data: names & emails
• financial data: sales data (rivals aswell), cost of ads
• operational data: shipping = bring down uc

Question 2

3 critiques of technological data

Answer 2

• it is a great volume of data
• coming from different avenues of the business
• there is increasing trend

Question 3

what does big data do

Answer 3

contains all data and stores it all in one place so it is analysed e.g. IBM, Microsoft

Question 4

what models can you conduct to increase the effectiveness of your decision making

Answer 4

YED/PED, correlation, extrapolation

Question 5

3 benefits of using technology & marketing

Answer 5

• cheap systems to quantify and store large pieces of data
• enables effective analysis of data
• allows detailed info = personalised marketing

Question 6

2 drawbacks of T & M

Answer 6

• risk of paralysis by analysis = slows decision making

- over reliance of data use = stops using don’t use intuition