business theme 2 - quantative data
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9 Terms
uses of data
monitor the performance of the business
compare its performance with that of its competitors
anticipate the needs of customers or identify trends in the market
make business decisions
set business aims and objectives
graphs and charts
demonstrate relationship between two sets of data
represent proportions
show trends over time
measure performance of a business
identify unusual factors of events and their impact on the business
marketing data
customer opinions
customer satisfaction ratings
customer visits
market data
demographics
number of competitors
size of market
growth of market
financial data
sales figure/revenue
costs
financial accounts
interest rates
tax rates
limitations of financial data - historical
make decisions about the future based on the past performance
limitations of financial data - reasons
sales revenue is falling but its important to understand the market factors behind it
limitations of financial data - manipulated
facts can be expressed different ways
limitations of financial data - judged
not soley judged on financial performance - theres other factors that need to be considered