Type of data collected and used by the organisation

This article discusses the types of data collected and used by the organisation, whether it is first, second, or third-party data. It covers competitive data, market trends, and social factors, and how they are used to formulate effective strategies.

MG413 Data insights

Table of Contents
Table of Contents.............................................................................................................................2
Type of data which is collected and used by the organisation and if this is 1st, 2nd or third-party
data...............................................................................................................................................1
REFERENCES................................................................................................................................2

Type of data which is collected and used by the organisation and if this is 1st, 2nd or third-party
data
Argos is retailer which is operating its business in UK and other countries around the
world. It is a catalogue retailer and operates its business in systematic manner by paying
attention towards market and its attractiveness. In order to analyse the industry, the entity is
collecting different types of data and use it for developing future strategies. Discussion of it for
the entity is as follows:
Competitive data: In order to formulate future strategies, the organisation is analysing
the data of competitors within the industry. With the help of it, number of competitors within the
sector are analysed. By using such types of data which could be first, second or third party data,
the managers try to determine the strategy of other rivals within the industry. Some of the main
competitors of Argos are Amazon, John Lewis. Tesco, Soraya, Waitrose, Aldi etc. Information
regarding all of them is gathered with the help of competitor analysis that supports the
formulation of effective strategies to attain competitive advantage (Kim, Kim and Hwang, 2020).
Market trends: For all the companies it is very to determine the market trends so that
expectations of all the clients could be determined and the desired goals could be attained. This
type of first, second or third party data is collected by Argos by paying attention towards the
current market trends that are taking place for retail industry. It facilitates the entity to pay
attention towards digitalisation as well as providing personalised experience to the customers.
Apart from this, this data is used to formulate effective strategies according to the current market
trends so that policies for meeting all the requirements of customers could be formed.
Social factors: Data which is first, second or third party regarding social factors is also
collected by Argos for the purpose of determining demand and requirements of customers
(Verma, Malhotra and Singh, 2020). With the help of it, the enterprise tries to formulate
strategies to meet the expectations of targeted audiences according to social factors such as age,
buying habits, income and education level etc.
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REFERENCES
Books and journals:
Kim, W., Kim, H. and Hwang, J., 2020. Sustainable growth for the self-employed in the retail
industry based on customer equity, customer satisfaction, and loyalty. Journal of
Retailing and Consumer Services. 53. p.101963.
Verma, N., Malhotra, D. and Singh, J., 2020. Big data analytics for retail industry using
MapReduce-Apriori framework. Journal of Management Analytics. pp.1-19.
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