MAR 3231 Exam 3 Study Guide – Retail Data,
Analytics, and Customer Insights Verified
Questions Provided with A+ Graded
Rationales Latest Updated 2026
How are firms currently collecting data about you?
Guest ID - ultimately relate all data back to guest ID
"Create a new account or login through facebook."
-now they know: likes, groups, posts, everything.
-looking at recent purchases
How is this data being used?
Database management, data mining, and micromarketing
Retail Information Systems
anticipates the information needs of retail managers; collects, organizes, and stores relevant
data on a continuous basis; and directs the flow of information to the proper decision makers
Data-Base Management
-A major element in an RIS
-System gathers, integrates, applies, and stores information in related subject areas
- Used for: loyalty program management, customer analysis, promotion evaluation, trade area
analysis
Data Mining/Micromarketing
the in-depth analysis of information to gain specific insights about customers, product
categories, vendors, etc.
Micromarketing
- an application of data mining whereby retailers use differentiated marketing and develop
focused retail strategy mixes for specific customer segments
- includes segmentation based on: location, customer need, brand loyalty, industry
- often leads to customer prioritization
primary data
information collected for the specific purpose
, Advantages of Primary Data
- collected for a specific purpose
- current relevant
- known and controlled source
Disadvantages of Primary Data
- may be more expensive
- more time consuming
- info may not be acquired
- limited perspectives
Secondary Data
information collected by someone else for another purpose
Advantages of Secondary Data
- inexpensive
- fast
- several sources and perspectives
- generally credible
- provides background info
Disadvantages of Secondary Data
- may not suit current study
- may be incomplete
- may be dated
- may not be accurate or credible
- may suffer from poor collection techniques
Suppliers Need to Know (from the Retailer)
- Estimates of category sales
- Inventory turnover rates
- Feedback on competitors
- Level of customer returns
Suppliers Need to Know (from the Customer)
- Attitudes towards styles and models
- Extent of brand loyalty
- Willingness to pay a premium for superior quality
Analytics, and Customer Insights Verified
Questions Provided with A+ Graded
Rationales Latest Updated 2026
How are firms currently collecting data about you?
Guest ID - ultimately relate all data back to guest ID
"Create a new account or login through facebook."
-now they know: likes, groups, posts, everything.
-looking at recent purchases
How is this data being used?
Database management, data mining, and micromarketing
Retail Information Systems
anticipates the information needs of retail managers; collects, organizes, and stores relevant
data on a continuous basis; and directs the flow of information to the proper decision makers
Data-Base Management
-A major element in an RIS
-System gathers, integrates, applies, and stores information in related subject areas
- Used for: loyalty program management, customer analysis, promotion evaluation, trade area
analysis
Data Mining/Micromarketing
the in-depth analysis of information to gain specific insights about customers, product
categories, vendors, etc.
Micromarketing
- an application of data mining whereby retailers use differentiated marketing and develop
focused retail strategy mixes for specific customer segments
- includes segmentation based on: location, customer need, brand loyalty, industry
- often leads to customer prioritization
primary data
information collected for the specific purpose
, Advantages of Primary Data
- collected for a specific purpose
- current relevant
- known and controlled source
Disadvantages of Primary Data
- may be more expensive
- more time consuming
- info may not be acquired
- limited perspectives
Secondary Data
information collected by someone else for another purpose
Advantages of Secondary Data
- inexpensive
- fast
- several sources and perspectives
- generally credible
- provides background info
Disadvantages of Secondary Data
- may not suit current study
- may be incomplete
- may be dated
- may not be accurate or credible
- may suffer from poor collection techniques
Suppliers Need to Know (from the Retailer)
- Estimates of category sales
- Inventory turnover rates
- Feedback on competitors
- Level of customer returns
Suppliers Need to Know (from the Customer)
- Attitudes towards styles and models
- Extent of brand loyalty
- Willingness to pay a premium for superior quality
