1) decisions based or instinct 2) scientific marketing decisions
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decisions based on instinct
rely on little or no research of the market
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Scientific marketing decisions
gather as much evidence as possible on actions of competitors, consumers and suppliers
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Advantages to decisions made on instinct
leads to rapid change
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disadvantages to decisions made on instinct
risky = could go wrong leading to embarassment
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trend
the underlying pattern of growth or decline within a series of data - looking at just a few figures may not be helpful, so a firm will establish any trends
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extrapolation
analyses the performance (past) of a variable such as sales and extends this into the future
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ads..
easy to carry out
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disads...
may be innacurate and not suitable to markets with rapid change
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moving averages
a series of calculations designed to show the underlying trend within a series of data
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correlations
a statistical technique used to establish the extent of the relationship between 2 variables
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2 ways IT can be used in analysing markets
1) collecting marketing data, 2) analysing marketing data
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collecting marketing data
customers online spending
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analysing marketing data
presented cheaply and quickly in different formats ensuring all messages the data contains are understood
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difficulties in analysing marketing data
samples may be too small, industries are subject to rapid changes = delays are not good
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