Sports & Entertainment Marketing Chapter 5

To interpret data, marketers must have the knowledge to see patterns and understand what those patterns mean.

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After Marketing data is gathered, researchers will look for patterns and understand what those patterns mean.

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Revealing patterns and measuring data are part of analytics, of finding meaning in the data.

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The final step in the marketing research process is to determine a solution to the problem.

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In some businesses, gut feelings and intuition are used in decision making.

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A calculation of the estimated profit a business will earn from a customer is called the customer's lifetime value, or CLV.

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Some large companies have a marketing research department within the firm but also work with outside marketing research firms.

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Once people agree to participate in market research, companies can use the data those people provide in any way they choose.

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There is no way for marketers to track the number of people who have seen an advertisement.

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Even data-driven decisions must be balanced with common sense and ethics.

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