1 / 11

Correlation & ICT in Marketing

Correlation & ICT in Marketing . A2 Business Studies Unit 3. Aims and Objectives. Aim: Understand the use of correlation and ICT in marketing. Objectives: Define correlation. Explain correlation relationships Analyse the use of ICT in marketing Evaluate the ethics of ICT and marketing.

mateja
Télécharger la présentation

Correlation & ICT in Marketing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Correlation & ICT in Marketing A2 Business Studies Unit 3

  2. Aims and Objectives Aim: • Understand the use of correlation and ICT in marketing. Objectives: • Define correlation. • Explain correlation relationships • Analyse the use of ICT in marketing • Evaluate the ethics of ICT and marketing

  3. Starter • Define moving averages. • Define extrapolation. • Explain two benefits of extrapolation. • Explain two drawbacks of extrapolation.

  4. Correlation • A statistical relation between two factors which can be either positive or negative. • Marketing: correlation between two factors eg. Sunny weather has positive effect on ice cream sales. • Helps firm identify the most significant factors affecting demand for their product.

  5. Three Types of Correlation • Positive Correlation: direct relationship between two variables. Increase in advertising = increase in sales. • Negative Correlation: inverse relationship between two factors. Interest rate rises = housing sales fall. • No Correlation: no link and no pattern between factors. Price of fish and cinema sales.

  6. Three Types of Correlation • Positive Correlation: + 1 • No Correlation: 0 • Negative Correlation: -1

  7. Correlation Worksheet Task:Describe the types of correlation which occurs in these markets. Put a quantifiable figure next to the diagram to describe the correlation & describe the relationship between variables.

  8. Test Markets • Simulate full scale launch of product/service on a sample of the target market. • Goal is to achieve results that represent whole market. However… • The segment must be an accurate representation. • Danger that another firm could copy reducing any competitive adv.

  9. Using ICT in Marketing

  10. Using ICT in Marketing

  11. Tesco stocks up on inside knowledge of shoppers' lives • Is this morally right? • Is this merely just a great marketing tool? • How may this benefit Tesco in the short run and the long run?

More Related