Data Analysis in Marketing: Importance, Types of Data, and Benefits

Running head: DATA ANALYSIS IN MARKETING
DATA ANALYSIS IN MARKETING
Name of the Student
Name of the University
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DATA ANALYSIS IN MARKETING
Table of Contents
Table of Contents.............................................................................................................................1
Role of Information and data in the industry...................................................................................2
Type of data collected (1st, 2nd or 3rd party data)..............................................................................3
Process by which the data is used in operational process................................................................4
Process of capturing data and storing the same with key references to types of database and
information system..........................................................................................................................4
Benefits of decision making with data that is collected..................................................................5
Importance of using primary and secondary studies which will be benefitting MIS and other
database system for increasing insight............................................................................................6
References........................................................................................................................................7

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DATA ANALYSIS IN MARKETING
The chosen sector for execution of this report is marketing.
Role of Information and data in the industry
Role of information and data has been immense especially since the last decade. The
major benefits that are received due to proper data collection includes the likes of shaping of the
content marketing strategies as per the gathered data. It is still considered that content marketing
is one of the most important strategy that is implemented in case of B2C process. With proper
data gathering regarding the prospect is done, it gets easier for the marketing team to understand
the section that will be driving interest of the prospect (Voorhees et al, 2016). Hence wise there
will be an increase in engagement of the prospect along with higher conversation rate can be
established in this process. Hence receiving success in segmentation of targeted audience will be
benefitting the entire business process. It can be stated that there is a direct relation in between
increase in return of investment and data that is gathered.
Predictive analysis is another section that is mostly benefitted in case proper and efficient
data collection is made. Predictive analysis helps an organization by forecasting the situations
that are going to arise in future as per the data that have been generating and the data that have
been generated in past. In case proper data is not collected, it can be stated that the prediction
that will be made in the marketing section will be getting affected adversely. Proper analysis of
the trends along with behavior of the clients help in better performing of the predictive analysis.
Predictive analysis plays a major role in marketing and hence wise it can be stated that data also
plays an important role in the industry.
Understanding the need of the clients and hence wise developing a targeted client base
gets easier with proper data collection. With creation of targeted client base the marketing