Learning Objectives Chapter 5

1.) Distinguish between data and information, and discuss the challenges of getting the type and amount of information needed.

Data are simply facts and statistics. Information is data represented in a way that is useful for making decisions. The information necessary to make decisions used to be very difficult to obtain before computers made it easy to record, sort, and analyze data. Today, the typical marketer is overwhelmed with facts, reports, and analyses. The abundance of information makes it difficult to get the right kind to make decisions. Information is often dispersed throughout the company making it hard to locate simple facts, while vital information may arrive to late. When it does arrive, it is difficult to confirm whether the information is accurate.