Understanding Data and Information in Decision Making

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What is the difference between data and information in the context of managing customer databases?

Data is qualitative, while information is quantitative.

Data is always accurate, while information can be inaccurate.

Data refers to raw facts, while information is processed data that provides context and meaning. (correct)

Data and information are used interchangeably in managing customer databases.

Which responsibility is essential in managing customer databases according to the text?

Capturing answers to survey questions about the company.

Ensuring correct spelling of customer's name and address. (correct)

Storing customer's educational level.

Recording the customer's age and income level.

What tool is commonly used for capturing customer information as mentioned in the text?

An online quiz about the products and services.

A loyalty card system that tracks purchases. (correct)

A telephone call to ask for the customer's address.

A photo ID verification process.

What is a challenge mentioned in obtaining customer information?

Discovering if the customer has had complaints. Signup and view all the answers

How should customer information be managed in a database based on the text?

Keep track of what the customer purchased last. Signup and view all the answers

What is one key difference between government reports and private reports as sources of customer information?

Government reports provide specific customer data, while private reports offer generic information. Signup and view all the answers

Why are employee interactions with customers considered as a valuable source of customer information for a business?

Employees can provide insight into customers' needs and preferences. Signup and view all the answers

What is a major benefit of using Point of Sale (POS) systems for capturing customer information?

POS systems generate transaction-specific data for analysis. Signup and view all the answers

Why might it be challenging to rely solely on government reports for customer information?

Government reports provide generic data that may not be specific to your customers. Signup and view all the answers

How can surveys be beneficial in obtaining customer information for a business?

Surveys gather direct feedback from customers about their preferences and opinions. Signup and view all the answers

What role do trade associations play in providing customer information to businesses?

Trade associations detail industry changes and key players for businesses. Signup and view all the answers

What is the main difference between data and information in the context of customer relationship management?

Data is easy to obtain, while information is difficult to acquire. Signup and view all the answers

Which of the following is NOT a key decision in managing a customer information database?

Selecting the software or platform to store the database. Signup and view all the answers

What is a key connection for managing customer information?

Front-line employees. Signup and view all the answers

Which of the following is NOT mentioned as a challenge in obtaining customer information?

It requires advanced analytical techniques. Signup and view all the answers

What is a potential danger of relying solely on customer data?

It can lead to a false sense of satisfaction and incomplete decision-making. Signup and view all the answers

What should be considered when managing customer information in a database?

All of the above. Signup and view all the answers

Understanding Data and Information in Decision Making

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