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Chapter 8:- Information Gathering&Processing in Retaling - Coggle…
Chapter 8:- Information Gathering&Processing in Retaling
1) Retail Infomation System (RIS)
Definition:- Collects, organizes and stores relevant data on a continuous basis
Directly the flow of information to the proper decision makers
2) Data Base Management
Definision:- A major element in an RIS and System gathers, intergrates, applies, and stores information in related subject areas
Used for:- Frequent shopper programs. customer analysis, promotion evaluation and inventory planning
5 step to use DBM
Plan the particular data base and determine information needs
Acquire the necessary information
Retain the information in a usable and accessible format
Update the data base regularly
Analyze the data base to determine strengths and weaknesses
3) Marketing Research
Secondary data:- Advantages
Inexpensive, fast , several sources and perspectives, generally credible, provides background information
May not suit current study, may be incomplete, may be dated,may not be accurate, may suffer from poor collection techniques
Primary advantages:-collected for specific purpose, current, relevant, known and controlled source
Primary disadvantages :- May be expensive, more time consuming, information may not be acquirable, and limited perspectives
4) Definition of Mystery Shopper
Retailers hire people to pose as customer and observe operations from sales presentations to how well displays are maintained to services calls