Customer Data and Analysis Essay Example | Topics and Well Written Essays - 1250 words

Customer Data and Analysis - Essay Example Indeed it is often referred to as a categorical scale. It is a system of classification and does not place the entity along a continuum. The hardest of the four levels to explain is interval level data. Let's imagine a very real example - teacher evaluations. On a five-point scale, a teacher getting a four is not twice as good as a teacher getting a two, and yet the numbers involved here can be treated differently than the numbers used in the rankings of the ordinal-level examples. Temperature, measured in degrees Fahrenheit, can also be effectively used as an example because forty degrees F is not twice as hot as twenty degrees F. Ratio data. Given the fact that this presentation of the idea of levels of measurement has been progressive, the simplest example to use, especially to highlight the idea of an absolute or meaningful zero, is money. Taking one's wallet out and removing from it a ten-dollar bill, then a second ten reinforces the concept that twenty is twice ten. Following that with showing an empty wallet highlights the real meaning of an absolute zero in a way you will not forget. While you sleep competitors are compiling information on your potential customers. They know their names, addresses, and telephone numbers. They know their professions, birthdays, the goods and stuffs they may be looking to buy in the near future. How do your competitors find out this information They ask, and more importantly they use the information they gather to learn more about these customers - and to establish an individual 'relationship' with them. The marketplace is now demanding this "mass customization" approach. Carol Krol (1999, p.2) claimed that the relationship marketing process has picked up steam because of the fragmentation of media, increasing channels of communication, and consumer choice availability. The sales analysis and reporting system provides the ability to report and analyze sales, rejections, up traffic, staff close-rates, average tickets, and overall performance contributions to the store. Let's take an example of a really national Britain hypermarket Tesco. This company sails one third of all foodstuffs in the country substantially thanks to marketing to individuals! Tesco set close cooperation with University College London. The scientists offered new methods of gathering, checking, collating, review, storage, access, retrieval and update of statistics information of retail sells. Fed every second by Tesco's 12 million Clubcard holders, the Crucible database could in theory generate about 12 billion pieces of data a year if each cardholder bought just 20 items a week. This information is analyzed very attentively. Tesco's customer relationship management system (CRMS) helps managers to