Marketing Data
Business: Edexcel GCSE, topic 2.4.7
Marketing and Market Data
Marketing data can be either qualitative or quantitative data that contains information about a business’s promotions, advertisements and customer preferences/feedback. Market data is data that contains information about the overall market in which the firm is operating.
Marketing data
- Data collected from online advertising will show the amount of people that have clicked on their advertisements and how many actually purchased the product.
- Data from social media sites like Facebook will show who liked/clicked on a post.
- Businesses can also do surveys and questionnaires with customers to try and collect data on their preferences as well as feedback on the product. This can help them to improve the product and the overall experience of the customers.
Market data
- Market data can be used by a firm to get an idea of their market share compared with competitors and therefore an idea of their position in the market.
- Market data can be used to show trends in the market.
- Market data can be used to compare a firm's financial performance to competitors.
- A firm may seem to be very profitable with high profit margins but when compared to its competitors its profits and profit margins are much lower.
Information from Graphs and Charts
Businesses often use information from graphs and charts. They make it easy for people to interpret the information quickly and help businesses to spot trends in the data that they may not otherwise have spotted from simply looking at numbers on a page.
Information from graphs and charts
- The UK Government’s National Income Accounts, and Family Expenditure Surveys are prepared through the National Statistics Office and are a good source of this kind of data.
- Data from specific industries such as that produced by The Society of Motor Manufacturers and Traders (SMMT) can be useful for these kinds of information and graphics.
Test yourself on Marketing Data
Can marketing data be quantitative, qualitative, or both?