Analyzing Data
Before any decisions can be made from the data collected, it must be analyzed and summarized to be comprehended by the organization's management. This article summarizes the data preparation methodology used for analyzing marketing research data. To avoid bias, personal opinions should not be introduced into the decision-making process. Still, it is essential to interpret the analysis results in light of their impact on the organization. That is, does it make sense in light of the current situation? Blindly following the analysis can also result in making bad decisions.
Analyzing Data
Data Analysis is an important step in the Marketing Research process where data is organized, reviewed, verified, and interpreted.
Learning Objective
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Summarize the characteristics of data preparation and methodology of data analysis
Key Points
- The Marketing Research Process is comprised of 6 steps: 1: Problem Definition, 2: Development of an Approach to the Problem, 3: Research Design Formulation, 4: Field Work or Data Collection, 5: Data Preparation and Analysis, 6: Report Preparation and Presentation.
- Data is carefully edited, coded, transcribed, and verified so it can be properly analyzed during this phase of the research process.
- Verification ensures that the data from the original questionnaires have been accurately transcribed, while data analysis gives meaning to the data that have been collected.
- Bias must be avoided when interpreting data because only the results (not personal opinion) should be communicated.
Terms
- Marketing Research
The function that links the consumers, customers, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
- data mining
A technique for searching large-scale databases for patterns; used mainly to find previously unknown correlations between variables that may be commercially useful.
- business intelligence
Any information that pertains to the history, current status or future projections of a business organization.
Examples
- An example of data analysis is when the research team decides to code questionnaire answers so that the results can be neatly organized and patterns can be easily identified.
Source: Boundless, http://oer2go.org/mods/en-boundless/www.boundless.com/marketing/textbooks/boundless-marketing-textbook/consumer-marketing-4/the-market-research-process-34/analyzing-data-179-7307/index.html
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