Interpreting marketing data

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What is a trend?
A long term movement of a variable
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What is extrapolation?
The act of a business continuing a past trend into the future
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What can extrapolation allow a business to do?
Forecast future data such as sales, this allows the business to set sales targets, sales performance can be measured against these targets
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What is correlation?
A measurement of how closely two variables are related
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What is a confidence interval?
A range of values that your fairly sure the value for the population will lie within
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What the confidence level?
The confidence level shows how sure you are that the value for the population lies within the confidence interval
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Give 3 ways technology can be used to gather information about customers
Loyalty cards (show customer preferences), Social networking websites (can be used to find out demographics of market), search engines ( show ads relevant to user searches
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2 advantages of technology in interpreting marketing data
Computers can process more data than people, tech can reduce risk of human error
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2 disadvantages of technology in interpreting marketing data
Staff require training to use software's, buying software is expensive
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Card 2

Front

What is extrapolation?

Back

The act of a business continuing a past trend into the future

Card 3

Front

What can extrapolation allow a business to do?

Back

Preview of the front of card 3

Card 4

Front

What is correlation?

Back

Preview of the front of card 4

Card 5

Front

What is a confidence interval?

Back

Preview of the front of card 5
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